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Strata Insurance Issues in BC

As you have likely heard in the news, condo owners across the Province are facing steep insurance premium and deductible increases as they renew their policies this year.

As this affects a lot of home owners in our area, I wanted to put together a video to help explain what is actually going on, why this is happening, and how this may impact Condo owners in our area.

It’s a bit of a longer video, but there is a lot to unpack here. In the video, I’ve included a few local examples of how much these premiums are increasing by, the impacts this will likely have on monthly strata fees, as well my thoughts on what strata corporations may do to help mitigate their risk.

There has been a lot of pressure on the Provincial Government to step in and help – but as this is all still very early in its evolution, little has been done so far, so we will keep you posted on how this unfolds.

Do you own a condo? How much did your premiums increase by?

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