Condo owners in B.C. should plan for a significant rise in strata insurance premiums and deductibles.
"Rates are potentially increasing for people in policies now anywhere from 50 to 300 per cent, and deductibles are going from the conventional $10,000 or $25,000 to $100,000, $250,000 or $500,000,” said Tony Gioventu, executive director of CHOA (Condominium Home Owners Association).
The lack of insurers, huge condo water damage claims and rising replacement costs are some of the factors to blame. Also, as Tony Gioventu said, claims for a large strata building can massive because of high property values (such as a devastating fire).
“To insure full risk for one building, one building may have a $100 or $200 million dollar value to it, that’s an enormous risk for a single insurer,” Gioventu said.
Review your strata insurance policy and deductibles yearly to ensure you're properly protected. Typically, the strata insurance certificate is included in the AGM notice, but if not, just request a copy from your strata property manager.
CHOA is a great resource for condo owners, for more info visit: https://www.choa.bc.ca/
Contact Us for more details or an introduction to a great home insurance professional.