LETTER: Province must take action on condo insurance

LETTER: Province must take action on condo insurance

One letter writer insists that insurance issues are reaching a breaking point for strata owners

Dear Editor,

Re: Shock for Willoughby condo owners; new building with no claims sees insurance costs triple

Our government has allowed the real estate industry to get so out of control, few can afford to buy a single-family home.

So people turn to strata living as an alternative.

Our government makes it a legal requirement for stratas to obtain insurance for full replacement value of the common property.

Now, with higher property values, construction costs and worldwide catastrophes, there are a reduced number of insurance companies who are covering strata insurance in B.C. Our government ignores this.

The insurance providers that remain impose much higher costs and deductibles to manage risks. And, according to the Insurance Bureau of Canada, there is no limit to how high this deductible can go.

On top of this, strata owners need to buy extra condo-owner insurance to cover damages to their unit, the cost of a deductible or the risk of being sued by other owners if they cause a claim.

Again, subject to the same unregulated rate increases.

NEARBY: Insurance skyrockets 780% for Abbotsford condo owners

It seems to me insurance issues are reaching a breaking point for strata owners.

Why is our government not reacting?

Are they bound and determined to make everyone homeless?

B.C. currently has more than 30,000 strata corporations, with over one-quarter of the population living in them.

Isn’t it time that this big group demands some sort of insurance regulations from our elected government?

Joanne Reynolds, Langley

.

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