The Real Estate Board of Greater Vancouver REBGV brings us an update on the dramatic increase in strata insurance, and the changes made by the BC Legislature.
BC Strata insurers to end ‘best terms pricing’
When news of skyrocketing insurance premiums for strata developments emerged at the beginning of the year the province tasked the BC Financial Services Authority (BCFSA) to investigate in search of solutions. The BCFSA is the agency responsible for regulating the private insurance sector in the province.
In June, BCFSA issued an interim report, which found that a practice known as ‘best terms pricing’ had contributed to premiums increasing an average of 50 per cent in Metro Vancouver. A subsequent report found that 94 per cent of sample…
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