Condominium building in Vancouver is covered to protect it during building envelope repairs, 2014. (Wikimedia Commons)

B.C. Liberals call for assistance on soaring strata insurance rates

NDP’s Carole James says problem is across the country

The B.C. NDP government is hearing stories of huge jumps in strata condominium insurance costs, and calls from the opposition B.C. Liberals to provide assistance.

B.C. Liberal housing critic Todd Stone called on the province Tuesday to deal with “massive spikes in strata insurance premiums, deductibles and fees.” He proposed legislation that would require more disclosure from strata councils on their insurance and notice of when insurance is coming up for renewal.

He noted that there are 30,000 strata corporations in B.C. and nearly half of Metro Vancouver residents live in strata housing.

“One strata has informed me that their premium has gone up by 335 per cent year over year,” Stone told the B.C. legislature. “Their deductible for water damage has gone up from $5,000 to $250,000. What this means for he folks who live in this strata building is that there is going to be a one-time assessment of $1,000 per strata unit owner, and their monthly strata fees are going to go up $100 per month.”

Finance Minister Carole James said strata corporations across the country are affected, and the province is working with strata associations and the insurance industry. Part of it is the soaring values of urban properties, and part of it is the effects of climate change, she said.

RELATED: NDP says condo rental bans can remain until 2022

RELATED: 2019 B.C. storm totals $37M in insured damages

Tony Gioventu, executive director of the Condominium Home Owners Association of B.C., gave a statement supporting Stone’s proposed legislation.

“This isnt’ just about large corporate interests and risks,” Gioventu said. “The individual homeowners are feeling the effects deep in their pocketbooks and increased exposure to high rates and deductibles.”

Stone also urged the government to create an assistance program for water protection projects.

“This would be a program that would provide incentives for retrofits that would help mitigate the risk of extensive and costly water damage,” Stone said. “This would help to prevent the water damage from happening in the first place, but it would also have the effect of being taken into account by the insurance underwriters in bringing insurance costs down.”

The so-called “leaky condo crisis” that swept through coastal B.C. from buildings constructed from 1980s to the early 2000s was related to the design and construction of building envelopes. In B.C. it caused an estimated $4 billion in repair costs and a public inquiry headed by former premier Dave Barrett.


@tomfletcherbc
tfletcher@blackpress.ca

Like us on Facebook and follow us on Twitter.

BC legislature

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Invasive mussel monitoring stations detect 10 boats

Boats were headed to Okanagan and Thompson regions

City of Revelstoke adding new full-time social development position

The current coordinator is a part-time contractor

COVID-19 outbreak at Okanagan Correctional Centre, involves 3 staff

Three staff involved in possible exposure, health officials say

COVID-19: Ups and downs of businesses reopening in Revelstoke

Continued pandemic restrictions changing dynamics in Revelstoke

Fatality after early morning crash on Highway 1 near Revelstoke

The incident was between a semi truck and passenger vehicle

578 British Columbians currently infected with COVID-19

Seventy-eight new cases confirmed in past 24 hours

Man who drove into music festival crowd sentenced to 14 months in jail

Several people seriously hurt during event held near Princeton

Conservation seizes fawn illegally kept captive in Vancouver Island home

A Comox Valley resident charged and fined under the Wildlife Act

Vandals put Vernon public piano out of play

Downtown instrument destroyed, but public project is not over

Pandemic could be driving more parents to get on board with flu shot: study

University of B.C. study gauges willingness for parents to vaccinate children for influenza

Salmon Arm’s first Bitcoin ATM installed in mall

The kiosk will allow people to buy cryptocurrency or sell it for cash.

Summerland mayor asks for community conversation on racism

Incidents in July prompt calls for dialogue

Westside wildfire human caused

Blaze started as a house fire and spread to the bush

COVID-19: Ups and downs of businesses reopening in Revelstoke

Continued pandemic restrictions changing dynamics in Revelstoke

Most Read