Condo Association director knows of 11 B.C. stratas currently unable to secure building insurance. In a normal year, he said, there wouldn’t be any stratas in that situation.
Vancouver Sun | DAN FUMANO | Updated: February 14, 2020
More B.C. stratas are reporting unpleasant surprises when they try to renew their condo insurance, with some facing shocking hikes in their premiums while others are unable to secure building insurance at all.
At least one federally regulated insurance provider has ceased selling new policies in B.C., citing “rapidly emerging challenges,” in a statement to Postmedia.
An increasing number of stratas have been shocked to learn they’re unable to renew their insurance, a development that experts say could throw the local condo market into a state of uncertainty unlike anything they can recall.
Brokers are reporting condo insurance renewal premiums increasing between 50 and 400 per cent over last year and deductibles increasing from $25,000 per claim to $500,000 or more.