B.C. steps in to help condo owners paying ‘unacceptable’ strata insurance costs
Posted June 17, 2020 5:01 pm.
VANCOUVER (NEWS 1130) — Some help is coming from the provincial government for B.C. condo owners struggling to keep up with out of control strata insurance costs.
Finance Minister Carole James says the crisis in the strata insurance industry is an issue and it’s understandable strata owners are seeking support.
“Clearly there’s a problem in the industry. This is a private sector problem, this is a private sector industry but certainly, it was made very clear that something needs to occur,” she explains
The BC Financial Services Authority review of the issue tabled Tuesday found the situation is unacceptable and the province at risk of losing this kind of insurance all together.
RELATED: B.C. strata insurance market unhealthy, report finds
The authority’s report found strata insurance premiums rose about 40 per cent across the province on a year-over-year basis, with deductibles experiencing up to triple-digit increases over the same period.
Recommendations are expected later this year.
“The BC Financial Services Authority is going to continue their work over the summertime and come forward with more recommendations for the government,” James says. “This is a complex issue, but is unacceptable for the people who are facing these kinds of increases.”
When legislature resumes in a week, James says the province will come out with plans to start addressing the problem.
Re escalating condo insurance rates – why can’t it be fix
Fin Min @carolejames says it is unacceptable. Report out yesterday shows there is a problem and is clear something needs to occur. Will hear next week on some short-term areas to address issue.#bcpoli #covid19 @NEWS1130— LizaYuzda (@LizaYuzda) June 17, 2020
This includes working with the housing minister and unveiling some short-term action to address some of the issues.
“We are working you will hear from Minister Robinson and myself next week on some short term areas that we believe will begin to address the issue.”
But, as James has said before, there are limitations to what the province can do since the issue is with the private sector.
-With files from Mike Hall
