B.C. Acts on Rising Strata Insurance Premiums, Eliminates Best Terms Pricing
December 10, 2020
The Botto Team
Good news continues to arrive, albeit in bits & pieces, concerning Strata Insurance rates in our province.
The B.C. Financial Services Authority is the regulator responsible for the private sector insurance industry in British Columbia.
At the direction of the Minister of Finance, BCFSA released its interim report on the rising cost of strata insurance in British Columbia on June 16, 2020. This report found that premiums have risen by approximately 40 per cent throughout the province on a year-over-year basis, with deductibles experiencing up to triple-digit increases over the same period. The Province introduced amendments to B.C.’s Financial Institutions Act and the Strata Property Act to help address the cost and availability of strata insurance in B.C.
You can read more HERE.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.
Post Your Comment: