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Dec 1, 2020 11:22 PM -

Change made to insurance for B.C. condo owners amid rising premiums

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A man stands in the window of an upper floor condo in Vancouver on March 24, 2020. THE CANADIAN PRESS/Darryl Dyck

Finance Minister Selina Robinson says insurers in BC have agreed to end a practice that helped contribute to skyrocketing condo insurance rates.

Robinson says insurers have agreed to end the practice known a "best terms pricing" by January 1st.

It developed when multiple insurers would each agree to submit their own bid to carry a portion of the total risk related to insuring a strata property, but the final premium paid by strata owners would usually be based on the highest of those bids, even if the majority of quotes were lower.

An interim report from the BC Financial Services Authority says as many as 94 per cent of strata properties paid more because of method, and the CEO of the authority says ending the practice will protect strata owners while maintaining stability in the strata insurance market.

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