B.C. Liberals pressure province to help condo owners hit by skyrocketing strata insurance

The B.C. Liberals wantto target the growing problem of soaring strata insurancewithproposed new legislation.

The opposition housing critic has put forward a private members bill at the B.C. Legislatureoutlining measures the party claims wouldtrigger relief for condo owners hit with a sudden spike instrata costs.

"Over the past few months an increasing number of strata corporations in B.C. particularly those in Metro Vancouver have seen their insurance costs go through the roof, with skyrocketing increases to premiums, deductibles and monthly fees," said MLA Todd Stone.

It is imperative that we take action to best mitigate the impacts of this growing crisis before it gets any worse.- MLA Todd Stone, opposition housing critic

"These costs are then downloaded onto residents, many of whom are now paying thousands of dollars more a year in fees... It is imperative that we take action to best mitigate the impacts of this growing crisis before it gets any worse."

Stoneoutlined a number of examples fromhis own riding of Kamloops-South Thompson where some strata premiums shot up 400 per cent in one year. The increases are linked toglobal risk factors such as wildfires and floods.

He tabledthe Strata Property Amendment Act, which would include the following legislative changes:

• Add a new"standard unit" definitionto better clarify the responsibilities of strata building insurers versusindividual unit owners.
• Requirea strata corporation to provide a copy of proof of insurance so thatbuyers know the terms, premiums, amounts of deductible and coverage limits.
• Property andinsurance renewal terms be provided at least 30 days in advance to give strata corporations more notice of any impending increases.
• Require unit owners to buy liability insurance to make sureindividuals are able to cover the costs of a major water leak, for example, since strata insurance only covers common areas.

Stone is also calling on the government to implement a water damage prevention program to provide financial incentives for preventative maintenance in strata buildings.

'We will review the bill': NDP

The provincial government agreed toconsider the suggestionsas holdstalks including with strata associations, the insurance industryand the B.C. Financial Services Authority.

"I'm happy to take a look at [the bill]to see if there are ideas we can incorporate into those discussionswe're having," said Finance Minister Carole James during Question Period when Stone asked howthe NDP plans to respond.

She said again, as she has many times before, thattheissue is not exclusive to B.C. and is happening inother provinces, too.

"While these price increases are driven by dynamics in the private insurance industry, we welcome any proposals that might help make life more affordable," James later responded in a statement.

"On first reading, it isn't clear how the Opposition's proposals would bring down costs in the near term for people, but we will continue to review the bill," she said.

Tony Gioventu, executive director of the Condominium Home Owners Association of B.C., supports the proposed amendments, saying it will "help raise the profile on the seriousness of this issue."

If you are being affected by a rise in strata insurance rates, CBC wouldlike to hear your story. Please emailimpact@cbc.ca