REALTORS® Advocating for Affordable Strata Insurance
Strata insurance costs are rising in many parts of the province, threatening families' housing affordability. With at least one-quarter of British Columbians living in strata units, BCREA is looking for solutions to this housing crisis.
Rising strata insurance costs are a complex issue requiring a basket of solutions to foster a robust, economically viable market. For immediate implementation, we are asking for the provincial government to:
- amend the Form B Information Certificate to require proof of insurance, including premiums, deductibles, coverage and expiry date,
- assure that all strata corporations are able to obtain insurance coverage while difficult market conditions last,
- engage with insurers so they continue to provide coverage to strata corporations, and
- increase transparency regarding changes in insurance coverage.
In the long term, we are asking the BC Government to:
- encourage the BC Financial Services Authority (BCFSA) to publish information it's gathering about this issue,
- encourage BCFSA to foster a robust, economically viable market that attracts insurance providers,
- develop mandatory education for strata council members, and
- provide mandatory training and create best practices for strata councils, either through a new organization or through the Ministry of Municipal Affairs and Housing.
BCREA is working with real estate boards and REALTOR® volunteers who are meeting with MLAs to advocate on behalf of strata owners. To date, they have met with 16 MLAs from across the province and many more are scheduled for coming weeks. In addition, BCREA staff are in close contact with Ministry of Municipal Affairs and Housing policy staff.
See our full list of recommendations here.
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