BC promises to “do what it can” to tackle rising condo insurance prices
With condominium insurance premiums still at astronomical levels, the BC government has announced that it will investigate the problem to help control rising costs.
Premier John Horgan revealed in a statement that the provincial government is on the case, saying that finance minister Carole James has a committee that is assessing the situation.
“We’re going to be speaking to the Insurance Bureau of Canada to try and find out what their rationale is for these unusually large spikes in costs and we’re going to do what we can to manage those down,” Horgan additionally told the media.
CTV News also reported that the premier had described the price hikes as the product of “a bunch of variables,” and that those variables were not just affecting BC, but also condo owners in other provinces.
BC’s decision to establish a committee aimed at resolving the condo insurance crisis comes after the Insurance Brokers Association of BC (IBABC) called for a consultation with key stakeholders in the condo industry – which includes insurers, government regulators, legislators, consumers, consumer groups, and strata councils and corporations. The consultation will discuss issues on owner liability in strata corporations.