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 B次元官网网址渕assive spikes in strata insurance premiums, deductibles and fees.B次元官网网址� 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.

B次元官网网址淥ne strata has informed me that their premium has gone up by 335 per cent year over year,B次元官网网址� Stone told the B.C. legislature. B次元官网网址淭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.B次元官网网址�

MLA says the province has a role to play in protecting strata properties

B次元官网网址� 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 StoneB次元官网网址檚 proposed legislation.

B次元官网网址淭his isntB次元官网网址� just about large corporate interests and risks,B次元官网网址� Gioventu said. B次元官网网址淭he individual homeowners are feeling the effects deep in their pocketbooks and increased exposure to high rates and deductibles.B次元官网网址�

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

B次元官网网址淭his would be a program that would provide incentives for retrofits that would help mitigate the risk of extensive and costly water damage,B次元官网网址� Stone said. B次元官网网址淭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.B次元官网网址�

The so-called B次元官网网址渓eaky condo crisisB次元官网网址� 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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