Flooding: CORPIQ scores a win for owners with water-damaged property

Now that the waters are receding, so are property owners’ concerns about receiving financial aid. Although many faced flooded buildings and are already fixing the extensive damage, flood victims finally have some good news. The Government of Quebec has just announced its new measures to help flood victims. Apartment building owners will now breathe easier, because the new compensation program includes coverage for their situation.

Last week, Quebec’s aid program did not cover owners living elsewhere than their rental property, and stipulated that multi-unit buildings or rental houses must be the owner’s main source of income. In other words, two identical homes—one rented, the other occupied by the owner—with the same damage from the same flood would not be treated in the same way. Owners living in their property were eligible for aid up to $159,000 (then increased to $200,000), whereas owners who rented their building or house out were not eligible for aid at all.

The new eligibility criteria now apply to all property owners, whether they live in the building or not. Further, the amount of aid has been increased. Building owners who do not live in their income property can receive aid of up to $265,000. They can expect to be reimbursed for 75% of the repair expenses, just as other businesses.

After hearing several of its members with flood damage express their concerns about being excluded from the aid program, CORPIQ immediately brought the discrepancy to the attention of the minister of public safety. Discussions were encouraging from the very start, since the officials seemed to truly understand that the program needed revising so that owners who do not live in their rental properties would be eligible for aid. And that is the more-than-welcome change that was made.