New information on the progress being made in this area has recently been released. This information is sure to have many BC condo owners asking the fundamentally important question of whether these premiums will continue to increase – or if BC will finally see a welcomed decrease in these rates anytime soon!

At first glance, the situation appears to remain much the same as insurance prices continue to be high in the province. As previously reported, the BC government’s Financial Services Authority (BCFSA) has been preparing to enact new strata corporation rules that are designed to lower these rates. On that note, it appears the exact timeframe for these additional regulations is still unclear.

With household claims being said to remain a huge factor in these increases, especially as many of the complexes continue to age, it is even the units where claims have not been made, that are also negatively impacted by these continually high rates.

To put the nature of these sharp increases into perspective, in areas such as Surrey, one townhouse complex reportedly saw premium increases of 180 percent in 2020. Moreover, it has been estimated that at the same location, rates are set to rise again this year by a total of 70 percent. While on one hand, the increase this year appears to be less, it is still an increase none-the-less that has many BC home owners extremely concerned.

Experts report that even if rates start to come down slightly, there are millions of BC residents who live in strata complexes, who need to see a sharp downwards turn in this market for them to experience some significant financial relief.

Ultimately, this remains a multi-faceted issue, with the BC government continuing to work to implement more changes. That said, it has been revealed that more regulations are coming in the future to help stabilize this market.

The group at the head of this change policy, the BCFSA believes that this market can be tamed, however it has become clear that this system will likely take time to correct.

The competitiveness of home insurance availability also points to driving up these fees. With limited insurance options at this point in time for condo corporations, some experts are stating that a return to private insurance companies may be the best course of action as another counteractive solution to the climbing rates in BC.

As BC residents await these previously announced regulations, it is clear that there remains an overall consensus that in order to ensure that a return to a healthier condo insurance market can occur as soon as possible, these government changes cannot come soon enough.

While navigating the current housing market, turning to an insurance agent remains an effective method of ensuring you have access to the best insurance options. Contact Leaders Insurance for more information on how we can provide you with the home insurance you need.