Skip to Main content

9.11°^C Vancouver

News Entertainment Videos Shows Podcast Contact Us

Dec 1, 2020 11:22 PM -

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

Share On

change-made-to-insurance-for-b-c-condo-owners-amid-rising-premiums

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.

Latest news

public-safety-minister-says-more-safeguards-needed-against-alleged-foreign-interference-linked-to-india

CanadaFeb 26, 2026

Public Safety Minister says more safeguards needed against alleged foreign interference linked to India

Public Safety Minister Gary Anandasangaree says Canada still has work ahead to ensure individuals acting on behalf of India are not intimidating or coercing people on Canadian soil. Speaking to reporters during Mark Carney’s visit to India, Anandasangaree said there remain unresolved concerns related to the safety and security of Canadians. His comments follow questions about whether agents connected to the Indian government are currently involved in extortion or threats of violence in Canada. A senior federal official, speaking on background during the same briefing, said Ottawa believes su

AlbertaFeb 26, 2026

Human remains found near Eden Valley identified as 24 year old Calgary man, RCMP say

Alberta RCMP say human remains discovered earlier this month near a historic site south of Eden Valley have been identified as a 24 year old man from Calgary. Officers were called on February 4 after emergency crews responded to a grass fire in the rural area. Once the flames were extinguished, first responders located a burned out vehicle at the scene. A body was later found inside the vehicle. Mounties have not publicly released the man’s name, citing the ongoing investigation and the need to notify family members. Police also have not confirmed the cause of death. RCMP say the circumstanc

u-s-vice-president-says-federal-medicaid-payments-to-minnesota-paused-amid-fraud-probe

WorldFeb 26, 2026

U.S. Vice-President says federal Medicaid payments to Minnesota paused amid fraud probe

The U.S. Department of Health and Human Services will temporarily suspend part of Minnesota’s Medicaid funding while federal officials investigate suspected fraud, Vice-President JD Vance said on Wednesday. Vance described the step as part of a broader effort by the administration to address what it calls “waste, fraud and abuse” in federally supported programs. The funding pause affects certain federal matching dollars that help the state deliver Medicaid services to eligible residents. Medicaid is the principal public health insurance program for low-income Americans. According to fede

b-c-urges-swift-senate-approval-of-bill-c-12-amid-concerns-over-extortion-cases

B.C. urges swift Senate approval of Bill C-12 amid concerns over extortion cases

The British Columbia government is calling on federal lawmakers to move quickly on proposed legislation aimed at preventing organized crime groups from exploiting Canada’s immigration system while involved in extortion and other serious offences. Public Safety and Solicitor General Nina Krieger has written to federal Public Safety Minister Gary Anandasangaree and to the Standing Senate Committee on National Security, Defence and Veterans Affairs, urging the Senate to advance Bill C-12 without delay. The province says the proposed reforms would address legal gaps that have been used by some i

iran-and-united-states-to-resume-nuclear-talks-in-switzerland-amid-rising-regional-tensions

WorldFeb 26, 2026

Iran and United States to Resume Nuclear Talks in Switzerland Amid Rising Regional Tensions

Iran and the United States are preparing to begin a third round of negotiations in Switzerland aimed at reviving discussions around Tehran’s nuclear program, even as tensions between the two countries continue to rise. Officials from both sides say they prefer a political and diplomatic resolution to the long running dispute. The talks are scheduled to begin in Geneva, where Iranian Foreign Minister Abbas Araghchi held a meeting Wednesday with Oman’s Foreign Minister Badr Albusaidi. Oman has previously played a mediating role between Washington and Tehran. Iranian officials described the m

Related News

B.C. urges swift Senate approval of Bill C-12 amid concerns over extortion cases

B.C. urges swift Senate approval of Bill C-12 amid concerns over extortion cases

The British Columbia government is calling on federal lawmakers to move quickly on proposed legislation aimed at preventing organized crime groups from exploiting Canada’s immigration system while involved in extortion and other serious offences. Public Safety and Solicitor General Nina Krieger has written to federal Public Safety Minister Gary Anandasangaree and to the Standing Senate Committee on National Security, Defence and Veterans Affairs, urging the Senate to advance Bill C-12 without delay. The province says the proposed reforms would address legal gaps that have been used by some i

B.C. police step up enforcement for distracted driving and seatbelt violations in March

B.C. police step up enforcement for distracted driving and seatbelt violations in March

Police across British Columbia are increasing enforcement this month as part of province-wide campaigns targeting distracted driving and seatbelt compliance. BC Highway Patrol says officers will be closely monitoring drivers who use electronic devices behind the wheel or fail to properly secure themselves and their passengers. The initiative coincides with Distracted Driving Month and the Occupant Restraint Campaign, both aimed at reducing serious injuries and fatalities on provincial roads. Inspector Brian Donaldson with BC Highway Patrol is urging motorists to eliminate distractions before s

Richmond RCMP arrest 14 in targeted retail theft crackdown

Richmond RCMP arrest 14 in targeted retail theft crackdown

Richmond RCMP say 14 people were taken into custody during a one day retail theft enforcement operation earlier this month, marking the first Boost and Bust initiative of 2026. The February 15 operation focused on businesses in the city’s downtown core and commercial areas. Police said 13 individuals were arrested in connection with alleged shoplifting incidents. Investigators plan to recommend charges in 10 of those cases. Two of those arrested were youths and will be referred to restorative justice programs. Officers also offered referrals to social services for everyone who was taken into

Legals

Journalism code of ethics

© 2021 AKASH Broadcasting Inc.

MANAGED BY STRATWIT

useful links

Accessibility Plan

BC Children's Hospital