How do strata corporations and owners manage the dramatic increase in Insurance Rates?
Over the past few months across BC, there has been an industry struggle to renew strata corporation insurance polices. With renewals, the cost of the insurance has increased anywhere from 50‐300% and the deductibles to cover claims have also increased substantially, from manageable rates of $25,000 per claim to as high as $250,000 and $500,000. While not all regions of the province have been affected in the same manner, there have been targeted building types or large strata communities across BC that have een the dramatic increase.
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