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I have listed a new property at 315 10533 UNIVERSITY DR in Surrey.
Looking for the perfect apartment? You've found it! Featuring fresh paint thoughout, a new dishwasher and an office large enough to use as a second bedroom, this 1 bedroom, 1 bath condo is the home for you. Built in 1995, this rainscreened building (also recently re-piped) is Centrally located in the University District neighbourhood of North Surrey with Central City Shopping Centre, SFU Surrey and skytrain access only a short walk away. You have nothing to do but to enjoy this space and location of this 2 patio home. The complex has a gym, sauna and a reasonable strata fee plus it allows you to have pets! Be sure to visit the listing realtors website for the floor plan and EXCLUSIVE 3D Tour to be enjoyed from the comfort of your living room. Come check it out!
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Please visit our Open House at 315 10533 UNIVERSITY DR in Surrey.
Open House on Saturday, January 25, 2020 2:00PM - 4:00PM
Looking for the perfect apartment? You've found it! Featuring fresh paint thoughout, a new dishwasher and an office large enough to use as a second bedroom, this 1 bedroom, 1 bath condo is the home for you. Built in 1995, this rainscreened building (also recently re-piped) is Centrally located in the University District neighbourhood of North Surrey with Central City Shopping Centre, SFU Surrey and skytrain access only a short walk away. You have nothing to do but to enjoy this space and location of this 2 patio home. The complex has a gym, sauna and a reasonable strata fee plus it allows you to have pets! Be sure to visit the listing realtors website for the floor plan and EXCLUSIVE 3D Tour to be enjoyed from the comfort of your living room. Come check it out!
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Please visit our Open House at 315 10533 UNIVERSITY DR in Surrey.
Open House on Sunday, January 26, 2020 2:00PM - 4:00PM
Looking for the perfect apartment? You've found it! Featuring fresh paint thoughout, a new dishwasher and an office large enough to use as a second bedroom, this 1 bedroom, 1 bath condo is the home for you. Built in 1995, this rainscreened building (also recently re-piped) is Centrally located in the University District neighbourhood of North Surrey with Central City Shopping Centre, SFU Surrey and skytrain access only a short walk away. You have nothing to do but to enjoy this space and location of this 2 patio home. The complex has a gym, sauna and a reasonable strata fee plus it allows you to have pets! Be sure to visit the listing realtors website for the floor plan and EXCLUSIVE 3D Tour to be enjoyed from the comfort of your living room. Come check it out!
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Condo insurance crisis: What you need to know

In the last few months, I have been hearing about strata corporations getting hit with new insurance rates that are going through the roof. Some renewals have increased anywhere from 50% to 300% and the deductibles to cover claims have also increased substantially, from $25,000 per claim to as high as $250,000 and higher.


For strata properties, it means that if adequate insurance is not in place, one single owner could become bankrupt if a claim is made against them, and the rates for other owners in the strata may also jack up as a result. 


Think about this. If the deductible on a strata property were to increase to $100,000, it means any claims under $100,000 are not covered by insurance, leaving a single owner to pay it all. Depending on the strata’s bylaws and who was liable for the damages, an individual owner could be stuck for exorbitant costs so high that it could bankrupt them.

If you own in a strata, consider this a warning to investigate your policy. Clients not to under-insure their condos.  

Many owners of strata properties do not realize that their common property insurance taken out by the strata corporation, will not cover the damages to their own units, or to any adjoining units for damage caused by them, such as leaky washing machines. 


Owners of condos with inappropriate insurance deductibles may not have enough coverage. The bottom line to the owner of condos is that the deductibles could skyrocket.


To mitigate exposure, clients should take strata documents to an insurer to check the viability of affordable, adequate insurance on their unit.


Owners need to be reminded that they are liable for all the damage emanating from their unit, whether it is a washing machine overflow, or a hot water tank leaking through the building’s floors. 


It is advisable to find out what the strata deductible is, what the liability would be and what happens in the strata if the insurance does not cover the deductible.

Determining factors

As with lending rates, insurance rates are in flux in response to market forces and emerging trends. 

The most recent spike in the costs for property insurance in Canada can be boiled down to four key trends:

  • Claims have increased in number, which hikes costs and premiums
  • The cost of rebuilding has increased
  • Property values remain high in BC and across Canada 
  • Extreme weather events globally have cost insurance companies more in payouts

Global affects

Reinsurers are companies that underwrite smaller insurance companies to cover catastrophic losses from extreme weather events around the world. As reported by Munich Re, the world's largest reinsurance company, 2018 was the 4th costliest year since 1980 for insured losses.  


The result is that smaller, regional insurers are leaving the strata building market to larger, national insurers, which is reducing the regional competitive rate options for strata corporations. 

Factors in strata insurance rates 

  • Strata insurance costs more than household coverage because strata insurance must cover for commercial-grade systems such as plumbing, boilers, electrical and ventilation systems.
  • Increasing growth in the number of strata buildings, many of which are ageing at 50 years or more. 
  • In some buildings, there may be a reluctance for owners to pay for major system upgrades, which increases the frequency of building failures and repairs. Taken together, this will affect the rate of insurance.
  • The strata housing market burgeoned over the last few years creating intense competition among insurance companies, which allowed for lower premium rates. But, the insurance market is making adjustments for the rates they demand.

The Insurance Brokers’ Association of BC lists key ways that a strata corporation can reduce insurance rates.


For a comprehensive list of insurance matters, go to the Search bar at the Condominium Home Owners Association of BC and type in “insurance.” 


Until next time,


Darin

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