LETTER: Time for a government inquiry into strata insurance hikes

Rules and regulations needed to police the insurers of condos and townhouses: Langley owner

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Dear Editor,

[RE: Insurance shock for Langley condo owners, April 4, Langley Advance Times online]

I think it is time for a government inquiry into the crazy insurance premium increases for townhomes and condos.

It is understandable for complexes that have had previous claims, but there appears to be no rhyme or reason for the increases.

Some complexes have seen drastic increases, while others have had much more reasonable increases.

In our case, we live in a roughly two-year-old complex with no previous claims.

We have no meeting rooms or recreational facilities in our complex

Our premium is going up from approximately $88,000 to $250,000 with accompanying increased deductibles.

READ MORE: Insurance shock for Langley condo owners

This will be reflected by a significant increase in strata fees, which will be a hardship on some of the residents.

We have not received any logical reason for the increases.

These increases are going to effect a lot of owners, potential buyers, sellers, and builders.

It is time to set out some rules and regulations to investigate and police what is happening here.

Bill Mercer, Willoughby

.

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