Condo buildings face insurance crisis as premium rates soar
Condominiums in Greater Victoria haven’t yet seen massive increases in insurance rates, but it might only be a temporary reprieve, according to experts.
Insurance costs for strata corporations have been skyrocketing in condo-heavy markets such as Vancouver, Toronto and New York, while some buildings have been told flat out their insurance will not be renewed.
“We’ve been surprised at the number of strata corporations seeing increases of between 40 and 60 per cent, but we won’t really know how many will be affected until we’ve had a whole year of this,” said Tony Gioventu, executive director of the Condominium Home Owners’ Association of B.C. “Everyone won’t have the same extreme increases in insurance costs or deductibles, but I think it will affect everyone.”
The Insurance Brokers Association of B.C. said it has seen premium increases ranging from 50 per cent to 400 per cent for stratas, and deductibles of $25,000 per claim increasing to between $250,000 and $500,000.
https://www.timescolonist.com/news/local/condo-buildings-face-insurance-crisis-as-premium-rates-soar-1.24075271
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Given the high cost for detached houses here in Victoria, condos were seen as a gateway into the housing market. Now it's looking like it could turn into a massive loss for those who've bought at the recent highs. It says New York in the article, but I haven't really heard anything from south of the border. Are you folks seeing a similar issue?
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