Strata Insurance Crisis

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Strata Corporations and individual strata owners in BC are facing an Insurance Crisis!  Insurance costs are expected to rise at 40% in 2020, with deductibles on strata insurance policies for fire and water damage as high as $600,000. With insurance premiums and deductibles continuing to rise at an alarming and unsustainable rate, individual strata owners are at risk of no longer being able to afford insurance and may find themselves unable to pay extremely high deductibles. 

Housing security needs to be a priority, and it's time for the BC Government to help Strata Corporations, which will result in also assisting individual strata owners.  We recommend the establishment of a Crown Corporation to mandatorily cover Strata Corporations within the Province with insurance policies at affordable rates, and with reasonable deductibles.  

If nothing is done about this insurance crisis, strata real estate may become unaffordable, and at the same time properties will be devalued on the market.

Help get the word out about this crisis!  Support our petition for change and request for assistance from the BC Government!