Reconstruction Cost Assessment

1. What are the main changes brought by Bill 141 regarding divided condominium insurance in Quebec?

Bill 141 introduced significant amendments to the Civil Code of Québec, including the establishment of a self-insurance fund, the obligation for co-owners to take out civil liability insurance, the establishment of reference units and the assessment of the reconstruction value.

2. What does it mean to set up a self-insurance fund under Bill 141?

The self-insurance fund is a provision introduced by Bill 141 that aims to ensure adequate financial protection for divided condominiums in the event of a major loss, by allowing co-owners to contribute to a common fund to cover the costs of repair or reconstruction.

3. What are reference units and how are they used to determine the insurance coverage needed?

Reference units are measurements used to determine the insurance coverage needed for a condominium divided based on its size, features, and amenities. They are calculated according to specific criteria defined by law and may vary from one condominium to another.

4. How to correctly assess the reconstruction value of a condominium according to Bill 141?

To properly assess the reconstruction value of a condominium, it is recommended to use qualified professionals, such as real estate appraisers or insurance adjusters, who can take into account various factors such as the cost of construction, the materials used, and the regulations in force.

5. How can Planibâtimat help co-owners navigate the implications of Bill 141?

Planibâtimat offers personalized advice and insurance solutions tailored to the specific needs of condo owners, including helping to understand the requirements of Bill 141 such as reference units and reconstruction value, and offering assistance in evaluating and optimizing the necessary insurance coverage.