With that being said, along with these shared amenities, which can in certain cases include, pools, recreation and fitness centres, and shared green spaces, there are of course fees that go along with these types of offerings, including ion course insurance premiums.

While, having the proper insurance is always the best course of action to ensure we are protected when in comes to various financial and personal aspects of our lives, the BC Strata Insurance market has seen an incredible surge in the cost of these fees over the past year. In fact, these figures have reached double and tripled digit percentage margins in only a short period of time.

With strata corporations across BC looking to obtain affordable coverage for their properties, this has proven no easy task as the demand and the costs continue to be high. Some direct causes have been identified by the BC Financial Services Authority (BCFSA), which points out that a recent 10 year stretch of a softer housing market, which then turned quickly into what is know as a hard market. With this now being the reality, many insurers have had to look for ways to meet their profitability margins.

In turn, with less insurers in the game, and more properties to insure, more risk has been taken on, and this has ultimately driven up these prices. Claim costs have also risen and this has led to more insurance fees throughout the Strata Market.

With current premium and deductible insurance fees somewhat levelling out, this still does reflect higher levels than ever before. Now with only a little over a month into 2021, there is no sign that these fees will be decreasing any time soon.

Fortunately however, some necessary steps have been outlined as a way of improving these conditions. The BC Government has outlined some key areas that need to be taken into account when looking to regulate the procedures used to guide strata corporations. With the current high costs that strata members are facing when paying for insurance, this key issue is also at the heart of these new regulations.

While best price quotes are one of these necessary changes that should be addressed to bring down these premiums, it is still the costs associated with home-related insurance claims that have been identified as the bigger culprit. By bringing these down, it is suggest by the BC Financial Services Authority (BCFSA), the Strata Insurance market should thankfully experience some more affordable prices in the future.