For immediate release
PETITION FOR FAIR STRATA INSURANCE FOR BC REACHES MILESTONE WITH
10,000 SIGNATURES
Sustainable solutions for massive increases to strata insurance premiums and liability even more important with financial reality of COVID-19
New Westminster, BC - March 23, 2020 - A petition started by a few New Westminster strata owners hit a milestone of 10,000 signatures.
The petition on change.org called "Stop the unfair and unprecedented increases to strata insurance in BC" launched early February.
Petition organizers have been busy meeting with local elected officials to discuss the impact of these increases to housing affordability and sustainability.
Given the massive negative consequences to housing security and economic uncertainty as a result of the COVID-19 pandemic, making strata insurance fair and affordable is critical as it is an essential component of housing.
New Westminster Mayor Jonathan Cote expressed concern around the financial impact to residents and to the housing market strategy the City has been aggressively implementing.
"Multi unit housing is a significant part of the City's housing development plan," said Cote. "Keeping it affordable and viable for ownership is vital. While the City is busy implementing our emergency response plan for COVID-19, we can't lose sight of the ongoing priority of keeping our housing market sustainable."
Peter Julian, MP for New Westminster-Burnaby was particularly interested in stories and comments shared by frustrated and anxious home-owners and renters on the petition. "It's clear the impact is far reaching, well beyond British Columbia," said Julian. "Any solution requires a commitment from all levels of government, industry stakeholders and strata corporations as well."
One of the driving factors in creating the petition, which calls on the government to implement short and long term solutions around strata insurance increases to premiums and liability, was the stunning increase to the organizers' building insurance renewal in January.
Anchor Pointe strata president Bruce Campbell, received notice from their building insurance provider that, among other increases, premiums would go up 300% and deductibles for water and sewage would increase from 15,000 to 100,000. 1/2
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"We were shocked," said Campbell. "We have a well maintained building with few claims and a solid maintenance plan. But, we still had this massive increase."
Strata owner, Asifa Lalji, organized the petition as a result. "This increase meant owners would have to pay a special levy to cover this year's cost and would get an additional increase to maintenance fees for the coming years," said Lalji.
"Owners and renters also had to scramble to find and pay for additional coverage for their unit policy which is another cost. It's untenable for owners, especially people on fixed incomes and those living paycheque to paycheque," she added.
In addition to the petition and meetings with elected officials, Lalji, Campbell and strata council treasurer Stephen Holmes, are compiling a report explaining the reality facing owners and renters in strata buildings around BC.
"This is a widespread problem across North America," says Holmes. "With additional financial strain due to the impact of COVID-19, it's more important than ever we get sustainable solutions around strata insurance."
The report will include comments, examples of insurance stories and suggestions on solutions submitted by strata owners and renters through the petition, conversations and social media. Owners and renters are asked to sign and comment on the petition at http://chng.it/cvKzQGVD and to email their stories to Fair.strata.insurance.bc@gmail.com by March 31, 2020.
The report will be released in April 2020.
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Media contact:
Asifa Lalji
Anchor Pointe Insurance Task Force
(Petition Organizers)
asifamobile@gmail.com