Buyers Stepping Back, Insurance Already Chilling Market

[whatnext]

The provincial BC Financial Services Authority has released their interrim report on strata insurance:

B.C.s condo insurance market is 'unhealthy', says new government agency report
Author of the article:Lori Culbert

This province’s condo insurance market is unhealthy and has saddled owners with sudden increases of an estimated 50 per cent in Metro Vancouver, according to a three-month investigation by the B.C. Financial Services Authority.

“Our interim findings released today present a picture of an ‘unhealthy’ strata insurance market in British Columbia. That is, a market that fails to meet the goals of sustainability, affordability and availability,” Blair Morrison, chief executive officer of the FSA, said in a press release.

The Vancouver Sun has been documenting for months the financial plight of strata owners, who number 1.5 million in this province — or one third of B.C.’s population. After investing in homes in multi-unit developments, some of these owners have been hit over the last six months with massive insurance premium increases, big jumps in their deductibles, accompanying sharp rises in their strata fees and — in some cases — an inability to get full or partial coverage for their buildings....

...The FSA’s interim report found premiums had risen roughly 40 per cent across the province over the last year, and an average of 50 per cent in Metro Vancouver, with deductibles tripling for some owners. The data collected represents 6,000 condos, townhouses and triplexes, and reflects their insurance situation in late January and early February.

Earlier this month, The Vancouver Sun revealed the first statistical glimpse into this crisis, reporting that condo owners in Metro Vancouver were being forced to spend an average of 65 per cent more on insurance premiums in 2020...

https://vancouversun.com/news/politics/b...cm/4231d639-7f27-4a28-8c91-29b657427c9f/