B.C. Acts on Rising Strata Insurance Premiums, Eliminates Best Terms Pricing
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.
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