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 香蕉视频直播渕assive spikes in strata insurance premiums, deductibles and fees.香蕉视频直播� 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.
香蕉视频直播淥ne strata has informed me that their premium has gone up by 335 per cent year over year,香蕉视频直播� Stone told the B.C. legislature. 香蕉视频直播淭heir 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.香蕉视频直播�
MLA says the province has a role to play in protecting strata properties
香蕉视频直播� Tom Fletcher (@tomfletcherbc)
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.
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Tony Gioventu, executive director of the Condominium Home Owners Association of B.C., gave a statement supporting Stone香蕉视频直播檚 proposed legislation.
香蕉视频直播淭his isnt香蕉视频直播� just about large corporate interests and risks,香蕉视频直播� Gioventu said. 香蕉视频直播淭he individual homeowners are feeling the effects deep in their pocketbooks and increased exposure to high rates and deductibles.香蕉视频直播�
Stone also urged the government to create an assistance program for water protection projects.
香蕉视频直播淭his would be a program that would provide incentives for retrofits that would help mitigate the risk of extensive and costly water damage,香蕉视频直播� Stone said. 香蕉视频直播淭his 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.香蕉视频直播�
The so-called 香蕉视频直播渓eaky condo crisis香蕉视频直播� 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 headed by former premier Dave Barrett.
tfletcher@blackpress.ca
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