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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
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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.