More coverage, more politics, more scrutiny, more explanations...
Update: February 22-29
First up, we wanted to update you with a new email address: Fair.Strata.Insurance.BC@gmail.com
This is to encourage owners and renters to:
- provide their stories of insurance renewal increases (2019 and 2020) both unit and building
- to provide your thoughts on what needs to change, what is working well
- what ideas you or your strata have come up with to help mitigate increases
- what changes do you think need to be addresses in the system to protect the owner and renter from unfair increases to premiums and liability to the owner. These changes could be by government, industry, strata councils, strata owners, real estate agents, builders, developers, strata owners and anyone else you think is connected to the system.
The reason is 2-fold.
1) we want to keep this issue in the news and top of mind to industry stakeholders and government. Telling personal stories from strata owners and renters make the situation real. It also provides new opportunities for media coverage.
2) We want to make sure the voice of the strata owner and renter is heard. Right now, the main organization representing the strata owner's voice in conversations with industry and government stakeholders (to out knowledge) is the Condominium Home Owner's Association of BC (CHOA). CHOA's mandate is to "provide leadership, education and resources for strata owners across BC". They have done a good job in keeping their 12,000+ members informed (members include strata owners/councils, industry and government stakeholders). We want to provide all stakeholders with a summary of ideas from all strata owners and renters, whether they are members of CHOA or not.
CHOA is in contact with industry and government stakeholders around this issue, but to our knowledge, it is not within their scope to lobby or provide recommendations to policy to industry and government. They are trying to work though the situation with stakeholders. Hopefully, our collective feedback will help them, and all stakeholders, develop short and long term solutions to make strata insurance fair for owners and renters.
Share and share again!
According to change.org, a petition needs to be shared up to twelve times before someone will take action. With hundreds of thousands of strata insurance owners and renters in BC, we could see more signatures on the petition. As of February 29, there were just over 8,000 signatures. So share the petition link as often as you can http://chng.it/cvKzQGVD
Media Coverage
We had some great coverage this past week, including stories on the member statement and motion in the BC Legislature.
MLA Jane Thorthwaite statement in legislature
https://www.facebook.com/watch/?v=488094281863920
MLA Todd Stone introduces bill to help address the strata crisis
https://bcliberalcaucus.bc.ca/mla-todd-stone-introduces-bill-to-help-address-the-strata-crisis/
BC Liberals introduce legislation to address skyrocketing strata insurance rates
http://globalnews.ca/news/6594131/bc-liberals-strat-insurance-legislation/
BC Liberal MLA Todd Stone prods province on strata insurance issue
CKNW Lynda Steele Show
https://omny.fm/shows/steele-drex/does-the-b-c-liberals-private-members-bill-on-stra
Strata insurance crisis (includes comment from petition organizers on member motion)
This prompted the elected NDP Government to respond:
Province will do what it can to address spiking condo insurance costs, Horgan says
The Insurance Bureau of Canada issued a news release with some recommendations
I spoke to Rob dePruis at the Insurance Bureau of Canada prior to this release. He mentioned the Federal Competition Act which prevented insurance agencies and brokers from disclosing commissions or the relationship with a particular underwriter, as well as preventing collusion. There is no formal reporting to ensure compliance with this Act.
I asked what strata councils could do if their building can't secure insurance. He suggested the Insurance Bureau Canada's Consumer Information line at 1-844-227-5422
Rob confirmed IBC would produce a formal report later this year following the rest of their stakeholder meetings in other provinces.
The Insurance Brokers of BC have also tried to provide some recommendations and thoughts, included in this CityTV story which also features a story on young family living in a strata
Why are BC strata fees about to skyrocket
https://www.citynews1130.com/video/2020/02/26/why-are-b-c-strata-fees-about-to-skyrocket/
Is it a coincidence that with all the media frenzy and scrutiny on industry and government, a new story emerged
Stratas find new ways to renew building insurance as insurers make recommendations
https://vancouversun.com/news/local-news/stratas-find-way-to-renew-building-insurance-as-insurers-make-recommendations
Media coverage also included sky-high premium and deductible increases in Victoria
Insurance jump for Victoria condo building 817,000 from 265,000
Municipal Government is also starting to weigh in:
Burnaby Councillor calls for expanding ICBC amid strata insurance crisis
White Rock endorses resolution on strata insurance rates
https://www.northdeltareporter.com/news/white-rock-endorses-resolution-on-strata-insurance-rates/?utm_source=dlvr.it&utm_medium=twitter
We hope to see more local elected officials publicly support strata owners and renters call to make insurance more affordable and to make strata ownership more sustainable. Let us know if you have reached out to any of your local elected officials.
That's all for this week...don't forget we're also on Facebook:
Link to Fair Strata In BC - Petition FB page
https://www.facebook.com/groups/1508280409347414/