We're thrilled to report media coverage of the unfair increases to strata insurance premiums and owner liability is continuing to increase in BC and along with it, this petition.
During our interviews, we have been asked what we hope to achieve with the petition. The answer is three-fold:
First we want to raise awareness of these unprecedented and unreasonable increases for owners so they have as much information as possible. As strata owners impacted by this increase, we have been looked at various ways to get answers and to find out what options we have if any. We have shared those links here and will continue to update this petition with whatever information we find.
Second, we need to give strata owners and renters a voice. These increases to costs and liability are a barrier to home ownership and overall housing affordability. The petition has provoked important questions and perspectives from BC strata owners and renters. Real stories, real impact and real concerns. There are a number of stakeholders who will receive this petition, so keep sharing and encourage your neighbours to sign. We represent a huge group of people and we need our voices heard.
Third, we want to get answers, foster dialogue and urge change from the industry regulators or associations and the government that are consumer focused. We need short term and long term solutions and everyone has a role to play because the negative impact of the status quo will impact all levels of government. We need creative solutions for these issues and have outlined some broad suggestions in the petition.
Action?
The Insurance Bureau of Canada created a National Commercial Insurance Task Force
https://www.insurancebusinessmag.com/ca/news/breaking-news/ibc-creates-commercial-task-force-213304.aspx
The Vancouver meeting will be held March 17th. We haven't seen an official agenda or list of stakeholders, but we have sent the information outlined in the petition to those we know will be in attendance.
Recent Media Coverage:
Condo insurance crisis leads to online petition... https://globalnews.ca/news/6582258/condo-strata-insurance-crisis-petition/
'Shocking would be a good word for it" Interview on CKNW with Lynda Steele
https://twitter.com/CKNW/status/1230646250149687297
New West condo owners launch petition in response to condo crisis
https://biv.com/article/2020/02/new-west-condo-owners-launch-petition-response-insurance-crisis
Insurance Bureau of Canada creates task force to deal with sky-high strata insurance
https://globalnews.ca/news/6576872/insurance-bureau-of-canada-creates-task-force-to-deal-with-sky-high-strata-insurance/
'Sort of unprecedented': experts concerned by looming condo insurance crisis
https://bc.ctvnews.ca/sort-of-unprecedented-experts-concerned-by-looming-condo-insurance-crisis-1.4813256
These changes could kick-start fix to BC's condo crisis
https://www.insurancebusinessmag.com/ca/news/breaking-news/these-changes-could-kickstart-fix-to-b-c-s-condo-crisis-214537.aspx
'It's a necessity': Calls for Province to step in amid rapidly rising strata insurance rates
https://www.citynews1130.com/2020/02/21/province-strata-insurance-rates/