B.C. has declared a state of emergency. Learn about COVID-19 health issues.   |  B.C.'s Response to COVID-19.

Finance

First steps to address rising insurance costs for strata owners

Print

Finance

First steps to address rising insurance costs for strata owners

Media Contacts
Ministry of Municipal Affairs and Housing
Media Relations
778 584-1255
Ministry of Finance
Media Relations
250 213-7724
Press play again to access content from youtube.com. For more information, please read our Privacy statement.
Your preference will be saved using cookies.
Media Contacts
Ministry of Municipal Affairs and Housing
Media Relations
778 584-1255
Ministry of Finance
Media Relations
250 213-7724

Backgrounders

Facts about strata insurance in B.C.
  • Over 1.5 million people live in strata housing in B.C.
  • At the direction of the minister of Finance, the BC Financial Services Authority (BCFSA) released its interim report on the rising cost of strata insurance in British Columbia on June 16, 2020, with a final report expected in fall 2020.
  • The report found that premiums have risen by approximately 40% throughout the province on a year-over-year basis, with deductibles experiencing up to triple-digit increases over the same period.
  • The BCFSA found that a variety of complex factors on a provincial, national and global level are driving up insurance costs, from rising property values to earthquake risk.
  • Over the summer, the BCFSA will engage with industry stakeholders, including strata management organizations, strata owner associations, insurance industry representatives and insurance brokers to validate and add to its findings.
  • The Ministry of Municipal Affairs and Housing will also continue ongoing consultation on the Strata Property Act to develop further regulation changes and guidelines.
  • The BCFSA is the regulator responsible for the private sector insurance industry in British Columbia.

Connect with the Ministry

Photos

View the Ministry's latest photos on Flickr.

Videos

Watch the Ministry's latest videos on YouTube.

Sound Bites

Listen to the Ministry's latest audio clips on SoundCloud.

View all Social Media