Condo insurance rates to surge ’50 to 300%’

B.C. condo owners are bracing for sticker shock amid surging insurance rates for their homes.

“Rates are increasing for people in policies now anywhere from 50 to 300 per cent, and deductibles are going from the conventional $10,000 or $25,000 to $100,000, $250,000 or $500,000,” said Tony Gioventu, executive director of the Condominium Home Owners Association.

The reasons for the surging rates are multiple, but one of the factors is the sky-high value of B.C. properties.

Gioventu said in the case of a devastating fire, claims for a large strata building can massive.

“To insure full risk for one building, one building may have a $100 or $200 million dollar value to it, that’s an enormous risk for a single insurer,” he said.

As a result, the number of insurers willing to take on policies for B.C. condos is shrinking, particularly if the building has made multiple claims or has not kept up with maintenance, Gioventu said.

Paul Murcutt, BFL Canada Insurance Services Inc. said the growing cost of insurance isn’t just a B.C. issue.

What’s the first industry to take a hit from this? Landscaping most likely. Strata Councils, keep up with proper landscape maintenance programs. Through a reputable independent contractor, such as Terra Nova Landscaping Services.

The return on investment will help to increase your property value up to 15 per cent, on average.

Accepting New Strata Condo Landscape Maintenance Contracts,,,,
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