Real Estate in Qualicum Beach, Parksville, and Nanoose Bay
Anchor Realty 113 West 2nd Avenue
Qualicum Beach, BC Canada
(250) 667-0719
RE/MAX Balloon

Condo Insurance is a Crisis for Some.

Home > Market News > Nancy’s Blog > Condo Insurance is a Crisis for Some.

Is this a result of BC's inability to control forest fires?

  • Photograph of Nancy Smith
  • Qualicum Beach REALTOR®
  • Published: Feb 7th, 2020 at 2:41 pm

It is pure speculation on my part that BC's lack of ability to control forest fires, has resulted in a crisis insuring condominiums. The news has been building after the Fort McMurray fire survivors were forced to pay exorbitant premiums and accept huge deductibles. This has put condo associations under huge dilemma, as strata insurance is a requirement.

CTV News reached out to B.C. Finance Minister Carole James, who has acknowledged the problem.
"We think there are good opportunities to be able to talk with the industry, to talk with condos, to talk with insurance companies, and look at how we can address this issue," she said.
Robert de Pruis with the Insurance Bureau of Canada's western office told CTV News the IBC has been in contact with insurance brokers, underwriters and condo groups and is planning to hold regional meetings across the country to address the condo insurance issues -- including one in B.C. in March -- to try to find creative solutions to address the problem.
If you're a condo owner reading this and are worried about how to protect your investment, there's little you can do except to try to find insurance to cover high deductibles. But without a master condominium insurance policy, you're out of luck.
The buildings that are being hardest hit are those that are the most expensive: buildings with a high number of recent claims and strata corporations that have failed to keep up with maintenance and repairs.The Insurance Bureau of Canada says it's a complex issue that won't be solved quickly.However, for Khan and others in his situation without insurance it's an emergency."If my lender finds out they'll pull the mortgage," he said.

Listings by Community

Video Tours

Search by Price

Sort order:

Listings by Type

Nancy's Picks

Community Info

Community Resources

Community Videos