The various issues surrounding condo ownership are not straightforward, particularly since the recent legislative amendments. It is essential to stay up to date on all these issues.
An Insurance Bureau of Canada (IBC) survey sheds light on some disturbing statistics regarding condo owners' insurance and condo-related knowledge.
In a recent press release, the IBC noted that:
- 19% of condo owners do not know that their condo is covered by two insurance policies.
- 50% of condo owners do not know what the deductible is for the insurance policy of their syndicate (condo board).
- 33% of condo owners have no coverage for water damage or don't know whether they do.
Training means giving better advice!
To help brokers advise and inform condo owners/boards, the RCCAQ offers a training activity that takes an in-depth look at the recent legislative amendments involving condominiums. Other topics include changes to Quebec's Civil Code and the impact on damage insurance (P&C), as well as the interaction of a condo owner's insurance policy and that of the condo board.
The next training session will be held online on May 25 from 9:00 AM to noon (participants will receive 3 PDUs in the area of insurance techniques). Please sign up on the RCCAQ's website.
The IBC's website also includes information detailing the rights and obligations of condo owners and condo boards in various situations. Please don't hesitate to take advantage of these tools.
