Recently there has been lots of discussion and concern about strata insurance in our real estate industries. Some strata corporations are having trouble to obtain insurance and some have their premiums increased tremendously, and some have huge increases in their deductibles and some are relatively unchanged.
Here below is an article from the Insurance Brokers Association of BC which outlining why there is a problem and how it has affected some strata corporations.
INSURANCE BROKERS ASSOCIATION OF BC
If you are a strata property owner, please obtain a copy of your strata building insurance policy or policies, and discuss with your insurance broker with the updated information.
When you are planning to purchase a strata property and have concerns, you’re welcomed to contact me for any questions. I’d like to help!