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

Haida matriarchs occupy ancient villages as fishing lodges reopen to visitors

‘Daughters of the rivers’ say occupation follows two fishing lodges reopening without Haida consent

Registration open for first-annual ‘NextIslandpreneur’ student business competition

Competition offers mentors, iPads, seed money, cash prizes to young entrepreneurs on Haida Gwaii

Haida Nation reminds ‘select few’ fishing lodges that Haida Gwaii is closed to non-essential travel

‘Upholding Haida law amid COVID-19’ release comes one day before Queen Charlotte Lodge plans to reopen

PHOTOS: ‘Phengnominal’ gnome house constructed in Port Clements

‘Ms. Gnomer’s Home 4 Wayward Folk,’ created by Kelly Whitney-Gould, a hit for kids and loggers alike

Councillor resigns mid-term in Queen Charlotte

Richard Decembrini’s resignation announced at regular meeting on July 6

B.C. sees 25 new COVID-19 cases, community exposure tracked

One death, outbreaks remain in two long-term care facilities

VIDEO: Alberta man rescues baby eagle believed to be drowning in East Kootenay lake

Brett Bacon was boating on a lake in Windermere when he spotted the baby eagle struggling in the water

Conservationists raise concerns over state of care for grizzly cubs transferred to B.C. zoo

‘Let them be assessed now before their fate is sealed,’ urges B.C. conservationist Barb Murray

B.C.’s COVID-19 job recovery led by tourism, finance minister says

Okanagan a bright spot for in-province visitor economy

National Kitten Day aka the ‘purrfect’ day to foster a new friend

July 10 marks National Kitten Day, a special day to celebrate all things kittens

Lower Mainland YouTubers claim to be Kelowna display toilet ‘poopers’

RCMP can not speak to legitimacy of video, will be investigating

RCMP confirm homicide investigation underway near Quesnel

Police releasing few details four days after homicide occurred Monday, July 6

Conservatives say police should be called into investigate WE charity scandal

Trudeau is already under investigation by the ethics commissioner for potential conflict of interest

Amber Alert continues for missing Quebec girls, 6 and 11, and their father

Police issued the alert for Norah Carpentier, 11, and Romy Carpentier, 6, from Levis, Que.

Most Read