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Condominium insurance: the Ministry of Finance publishes its draft regulation

A draft clarifying six new proposed regulations was published by the Ministry of Finance in Quebec. The text governs the capitalization and contribution to the self-insurance fund and says valuers must be members to evaluate the amount of insurance of the building.

Condominiums will have two years to capitalize the new self-insurance fund that their union will set up. The law also states that co-owners must obtain liability insurance and buildings must be inspected every five years to determine the value of reconstruction (determining the amount to be insured). Additionally, there are risks that must be covered in the property insurance contract including: theft, fire, lightning, storm, hail, explosion, etc.

Speak to your insurance broker or agent to better understand your coverage.

Source: https://journal-assurance.ca/article/assurance-des-coproprietes-le-ministere-des-finances-publie-son-projet-de-reglement/