* A reminder to send your strata insurance stories to fair.strata.insurance.bc@gmail.com
We won't include your name, unless you want us to.. we're interested in gathering data for the unit policy & building:

- provide 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.

We're compiling this information for a public document to help government, industry and other stakeholders understand the real impact to strata owners and renters. We have already heard government officials and the BC Financial Services Authority don't have a lot of data on actual increases and stories. This is particularly important as more strata owners are connected with their local governments.

This document will include thoughts/suggestions from strata owners to various stakeholders. Everyone has a role to play to make strata insurance cost and risk manageable.
  

In the last update, we noted Burnaby and White Rock municipal leaders calls for action. Councillor Anthony Manning from White Rock put a motion forward to mayor and council which passed. It moved forward to the LMLGA for consideration at an annual conference in May. If accepted, it will go on to the UBCM annual conference in mid-September.

Our strata insurance task force spoke at the Open Delegation at the New Westminster City Council Meeting March 9th. Our statement provided information on strata insurance increases to be considered is government deliberations around the most recent budget which calls for a 5.9% total increase in property tax. 

We are also coordinating meetings with New Westminster elected officials. We have met with two city councillors and I can say, once they hear the actual stories impacting their citizens, they are far more aware of the significant impact housing affordability, sustainability and communities as a whole. The domino effect of the current insurance reality is far reaching.

We encourage strata owners and renters to speak at your local city council meetings to raise awareness of the issue. We're happy to share our statement if you want to create something similar. Email us at fair.strata.insurance.bc@gmail.com

We're still seeing some strong media coverage this month, which is great considering the dominating coverage around coronavirus.

A few highlights:
Can B.C. fix its condo insurance crisis? - Real Estate | Business in Vancouver
https://biv.com/article/2020/03/can-bc-fix-its-condo-insurance-crisis  

What IBC and brokers think would improve condo insurance affordability in B.C.
https://www.canadianunderwriter.ca/insurance/what-ibc-and-brokers-think-would-improve-condo-insurance-affordability-in-b-c-1004174710/ 

'Blindsided': BC condo residents fearful, as extent of insurance crisis remains unclear 
 
https://vancouversun.com/news/local-news/blindsided-b-c-condo-residents-fearful-as-extent-of-insurance-crisis-remains-unclear    

Vancouver Is Awesome: B.C. condo owners face bankruptcies as insurance costs soar.
https://www.vancouverisawesome.com/bc-news/bc-condo-owners-face-bankruptcies-insurance-costs-2141938 

Relief from sky high condo insurance not imminent: finance minister 
https://www.citynews1130.com/2020/03/03/relief-from-sky-high-condo-insurance-not-imminent-finance-minister/amp/?__twitter_impression=true  
 
 
Ottawa should provide condo insurance to stop soaring rates: Metro Vancouver board chair 
https://www.citynews1130.com/2020/03/04/ottawa-should-provide-condo-insurance-to-stop-soaring-rates-metro-vancouver-board-chair/ 
 
  
CKNW Morning Podcast 
"It looks like strata insurance companies are finding insurance with comprises"
http://pca.st/xj41akj5 

BC Liberals: Strata insurance crisis puts more money in Horgan’s pockets | Indo-Canadian Voice
https://www.voiceonline.com/bc-liberals-strata-insurance-crisis-puts-more-money-in-horgans-pockets/
 

Opinion: Cheap New West stratas share some blame for skyrocketing insurance | New West Record
https://www.newwestrecord.ca/opinion/blogs/opinion-cheap-new-west-stratas-share-some-blame-for-skyrocketing-insurance-1.24086282 
 
Share and share again!
As of March 10, we have over 9,000. We need to keep those signatures and stories coming, so share the petition link as often as you can http://chng.it/cvKzQGVD 

Link to Fair Strata In BC - Petition FB page

https://www.facebook.com/groups/1508280409347414/