Dear Clients and Friends,
You may BE HEARING a lot of buzz in the media right now regarding Condo’s and Strata Insurance in BC. I understand that there is a lot of confusion out there as it is a fast moving subject and we are all trying to figure out what is going on.
The gist is that there are condos in BC that are facing significantly escalating strata fees due to insurance rates rising as much as 700% and, in some cases, there are buildings on the island THAT are becoming uninsurable all together. This is not just for older buildings that are not being maintained, this can also effect buildings as new as 10 years old. Regardless, I encourage you to investigate and educate yourself by reviewing your Strata Corporations Insurance Policy, their list of claims in the last 5 years and Depreciation Report.
I don’t mean to alarm you, but it is important to me that you are all well educated and well versed in understanding this issue that I help you have a greater understanding of your own strata and your strata’s insurance so that you have the power to advocate for yourself, your strata and your mortgage moving forward. It is important to note that if the strata does not have an insurance policy the units in that strata are no longer deemed mortgageable.
Here are two articles to review if you own a strata:
The IABC is advocating for legislative reforms to tackle strata rates :
This article from the Times Colonist provides a real-life example:
I am working hard right now to meet with heads of insurance companies and the people that run insurance with strata corporations to get a clearer understanding of what is going on.
If you own a strata in Victoria and you have any questions please call me, I will help guide you. It is very important that we take a critical look at your strata’s insurance policy as well as your individual policy to ensure you have adequate coverage and to understand when your policy is coming due.
I am away until Wednesday February 19th, please read these articles and Google in the news tab (BC CONDO STRATA INSURANCE INCREASE) to educate yourself and call me after the 19th if you have concerns. If you own a Strata Property, please work to get a copy of your strata insurance policy and a copy of the depreciation report and I will help you decode them. Don’t panic, as with everything in home ownership knowledge is power. We just need to make sure we have all the knowledge to make sure you have all the power!