Water damage is a real headache. For the past 10 years, it has been the leading cause of home insurance claims across all types of housing.
Every year in Quebec, more than $500 million is paid out to cover such damages. In condominiums specifically, 95% of claims made by condo associations are related to water, and 60% of the compensation paid in these cases is tied to water damage.
Most of these issues could have been avoided with a little vigilance and, above all, proper maintenance.
When living on the upper floors of a condo, one might feel unconcerned about water infiltration or sewer backups, assuming they are covered by the condo association’s insurance policy. However, it may be important to add additional water damage protections to your personal condo insurance policy.
If, following damage to the common areas, the insurance coverage held by the condo association is insufficient to pay for repairs, all condo owners—or some of them—may be required to contribute. By having these additional protections, a condo owner could turn to their insurer to cover such costs.
Insurance Bureau of Canada
CHAOS REIGNS IN THE WORLD OF CONDO INSURANCE Confusion is running rampant in the world of condo insurance. Insurers, claims adjusters, and insurance brokers
Condo and Water Damage Water damage is a real headache. For the past 10 years, it has been the leading cause of home insurance claims
In a Condo, Who Pays for Water Damage? In condominiums, water damage often has serious consequences. Imagine a water heater leaking or a washing machine
Frequently Asked Questions I want to change or add information to my profile on the Akicentral platform. How do I proceed? Please send the following
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