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Impact Assurance Secures Residents with Condo Insurance in Quebec

Similar to home insurance, condo insurance in Quebec is a critical coverage option that secures your place of residence. Sure, it might not look like your classic “home” but it’s still the roof over your head, and you want the things you own to be protected. A condo corporation will typically carry their own insurance for the physical structure of your condominium building and for things such as the common areas, landscaping, etc., but the responsibility of some items will fall to you. Without insurance, a loss could mean these belongings and important items are gone for good. Condo insurance in Quebec helps preserve your peace of mind.

Condo insurance, in a way, is both like home insurance and like renter’s insurance. It protects you when life gets unpredictable, and some solutions for condo insurance may protect you in situations beyond when your condo corporation’s coverage can be of help. It may also protect you beyond the four walls of your unit. Think of it like something to lean on when the unexpected strikes. ImpactCo is here to help you get free condo insurance quotes in Quebec.

Quebec Condo Insurance Policies Can Cover:

Sort of like home insurance and sort of like renter’s insurance, what exactly does condo insurance cover? Well, it depends on the policy. Every condo insurance policy in Quebec comes differently; as a rule of thumb, your condo insurance should cover everything that the master policy or that your condo corporation’s insurance does not. Here’s what a standard policy may include:

Personal Property Coverage

While your condo corporation may already have insurance for the physical structure of the building as well as its common areas, it won’t cover your personal possessions nor any furniture that belongs to you. You’ll need personal property coverage sufficient enough to cover all your belongings were they to be destroyed entirely in an unexpected event. Some higher-value items may necessitate the purchasing of a rider to be included in your coverage.

Third-Party Liability Coverage

Third-party liability insurance, or personal liability coverage, is designed to protect you financially if you should ever unintentionally injure someone or their property is damaged as a result of your actions. They may sue you for the damages or their medical injuries. Your liability coverage, in this instance, can cover you for the ensuing costs up to the policy limit.

Additional Living Expenses Coverage

What if a fire hits your condo building and all the units are temporarily unlivable while repairs are being completed? Here’s where having additional living expenses can be a great help. It covers any additional costs that may be considered reasonable during a period of temporary relocation – until it is safe to move back into your unit again.

Quebec Condo Insurance Rates & Calculations: How it Works

Condo insurance isn’t as expensive as home insurance, provided the fact that there’s no part of a condo insurance policy that includes the physical structure of your unit. Your coverage may cost more or less depending on the amount you buy, what you need to be covered, and these factors:
  • The total value of your belongings
  • Where your condo is located
  • Your insurance history
  • Your financial history (optional)
  • Your condo corporation’s existing coverage
  • Additional riders
  • …and more!
Just because your condo corporation has insurance which covers the physical structure of the building, you’ll still be required to purchase adequate protection for your own possessions. Just think of the total value worth of losses if something were to happen! More than that, lawsuits can be expensive – and you never know when something could happen.

Quebec Condo Insurance FAQs

Condo insurance isn’t exactly like tenant insurance, nor like home insurance – but it’s sort of its own thing, which can get confusing. It helps to know what you’re covered for, if anything should ever happen. Here’s some frequently asked questions to help better your understanding of your Quebec condo insurance policy.

How do I get my condo insured?

Easy. You can apply for free condo insurance quotes in Quebec online with ImpactCo. Tell us a little about your living situation and what you need to be covered and we’ll provide you with competitive quotes from top-rated insurance markets in Quebec.

Are possessions in my storage locker covered by my condo insurance?

Whether your belongings are in your condo unit or in another part of the building (such as a storage locker) your valuables will be protected by your condo insurance. Your belongings may also be covered if you take them with you anywhere in the world, whether that’s for vacation or to work.

Is it required to have condo insurance in Quebec?

No, but there are some situations where a condo corporation may require you to possess condo insurance before they’ll allow you to sign any contract, or if you have a mortgage. Most of the time, condo insurance is only recommended.

What is “loss assessment coverage?”

Loss assessment coverage is a good thing to include with your condo insurance coverage because, as a condo liver, you technically share responsibility with other condo owners. If there’s a special assessment, i.e. an added fee on top of your existing condo fees, that has been levied on the building, all the condo owners are required to split the cost of the assessment. 

How much does condo insurance in Quebec cost?

Where home insurance in the province can cost upwards of a few thousand a year for coverage, condo insurance costs merely half of that – roughly $250-$500/year for insurance. It depends on the overall value of your personal belongings.

What isn’t covered by my Quebec condo insurance?

Any damages that may occur due to a lack of maintenance, such as wear-and-tear or infestation, will not be covered. It is your duty as the condo owner to look after your unit. Also, things like civil unrest, government action, flooding and earthquakes (without an endorsement), and criminal activities will not be insurable.

What are some ways to reduce my condo insurance rates?

Next to home insurance, condo insurance is relatively inexpensive. However, if you are looking for ways to budget a little more, consider these tips:
  • Opt for a higher deductible, as this will directly impact your rates.
  • Bundle multiple insurance policies, such as your auto and condo, through a single provider.
  • Ask about eligible discounts.
  • Slash unnecessary coverage when you don’t need it.
  • Shop around with a broker for lower rates.