21.12°C Vancouver

Jun 23, 2020 11:22 PM -

Minister of Finance gives information on first steps to address rising insurance costs for strata owners

Share On
minister-of-finance-gives-information-on-first-steps-to-address-rising-insurance-costs-for-strata-owners
File - "The rising cost of strata insurance is a major financial pressure facing thousands of British Columbians during an already challenging time," said Carole James, Minister of Finance. (The Canadian Press)

The Government of British Columbia is taking action to help stratas better mitigate the rising costs of insurance.Actions include bringing more transparency to the strata insurance industry, closing loopholes related to depreciation reports, ending referral fees paid to property managers and giving strata owners and corporations the tools they need to do their part.

"The rising cost of strata insurance is a major financial pressure facing thousands of British Columbians during an already challenging time," said Carole James, Minister of Finance.

"This is an extremely complex issue playing out in the private insuranceindustry, but that doesn't lessen our government's commitment to doing what we can to make the situation better. Everyone has a role to play in returning the market to balance and today our government is taking a first step, with the understanding that we willtake further action as needed."

Through amendments to the Strata Property Act and Financial Institutions Act, as well as associated regulatory changes, government will:

* end the practice of referral fees between insurers or insurance brokers and property managers or other third parties;

* set out clear guidelines for what strata corporations are required to insure to help strata councils make informed decisions on their insurance policies;

* require strata corporations to inform owners about insurance coverage, provide notice of any policy changes, including increasing deductibles, and allow stratas to use their contingency reserve fund when necessary to pay for unexpected premium increases; and

* protect strata unit owners against large lawsuits from strata corporations if the owner was legally responsible for a loss or damage, but through no fault of their own.

The legislation also paves the way for government to make further regulatory changes to:

* identify when stratas are not required to get full insurance coverage;

* strengthen depreciation reporting requirements, including limiting the ability to use existing loopholes in the legislation to avoid completing depreciation reports;

* change the minimum required contributions made by strata unit owners and developers to a strata corporation's contingency reserve fund;

* require brokers to disclose the amount of their commission, which has been reported to be at times in excess of 20%; and

* strengthen notification requirements to strata corporations of changes to insurance coverage and costs, or an intent not to renew.

These regulatory changes will be made after further consultation with strata community stakeholders.

"We understand the difficulty people living in stratas face when they experience a large increase in insurance costs or have challenges finding insurance at all," said Selina Robinson, Minister of Municipal Affairs and Housing. "This legislation is a first step to help strata corporations now as we continue to work on this complex issue. I look forward to the BC Financial Services Authority's final report in the fall, which will help identify further actions government can take to support people living in strata properties."

Latest news

trump-signs-new-stablecoin-regulations-into-law-a-major-milestone-for-crypto-industry
WorldJul 18, 2025

Trump signs new stablecoin regulations into law, a major milestone for crypto industry

President Donald Trump has signed the GENIUS Act into law, setting new regulations for stablecoins, a type of cryptocurrency tied to assets like the U.S. dollar. The law, passed with bipartisan support, introduces consumer protections and aims to boost confidence in the crypto industry. On Friday, Trump called the move a step toward cementing U.S. dominance in global finance and crypto technology. A provision bans Congress members from profiting off stablecoins but excludes the president and his family. Meanwhile, the House passed two additional crypto-related bills, now heading to the Sen
investigation-underway-for-stolen-vehicle-that-crashed-into-retaining-wall
BCJul 18, 2025

Investigation underway for stolen vehicle that crashed into retaining wall

On July 17, 2025, at approximately 11:00 p.m., West Shore RCMP responded to a report of a collision where a stolen Grey 2004 GMC Jimmy crashed into a brick retaining wall in front of the 2600 block of Peatt Rd in Langford. The vehicle stopped short of crashing into the multi unit dwelling at this location, however, it did cause significant damage to the retaining wall and the vehicle itself. Witnesses advised that there were several suspects seen exiting the vehicle right after the crash. Police are seeking the public’s assistance in identifying these suspects. Suspect Descriptions: Group of
canada-beat-japan-enter-semis-of-the-fiba-u-19-womens-world-cup
CanadaJul 18, 2025

Canada beat Japan, enter semis of the FIBA U-19 women's world cup

Canada's women's basketball team has entered the semifinals of the FIBA U-19 World Cup. Canada won the match played against Japan by a margin of 85-65. In this match, Syla Swords contributed 17 points for Canada in a strong performance. Jasmine Bascoe contributed 16 points in the same contest. The performance of Swords, who hails from Sudbury, Ontario, in the tournament being played in the Czech Republic has been commendable and her average per contest has been 16.6 points, 6.2 rebounds and 1.8 assists. The Canadian team's semifinal match will be against Australia on Saturday.
federal-official-say-forecast-suggests-high-risk-of-wildfires-in-august
CanadaJul 18, 2025

Federal official say forecast suggests high risk of wildfires in August

Federal officials say the 2025 wildfire season is one of the worst on record for Canada, with a high risk of more fires in August. More than 5.5 million hectares of land have burned so far this year, more than double the 10-year average for mid-July. There are 561 fires burning, including 69 that are considered out of control, and most of them are on the Prairies. Officials say the fire risk rises throughout August and they are predicting higher than normal temperatures for most of the country next month. August is also slated to bring below-normal rainfall levels for the Prairies, B.C. and th
mother-of-girl-with-rare-disease-says-nightmare-is-over-after-b-c-restores-funding
CanadaJul 18, 2025

Mother of girl with rare disease says "nightmare is over" after B.C. restores funding

The mother of a 10-year-old Vancouver Island girl who has an extremely rare disease says the "nightmare is over" after the government restored funding for her daughter's drug for as long as she needs it. Charleigh Pollock is the only person in B.C. to have Batten disease, and her mother Jori Fales says in a social post that she is "beyond grateful" for "all the beautiful humans that have moved mountains" for her daughter. Pollock says the "love, support, generosity, compassion, kindness and devotion" shown by supporters of her daughters are "unmatched." Health Minister Josie Osborne announced

Related News