If you need assistance, please call 604-468-0010

Derek Turci | VFVH Blog

Sunday, January 19, 2020   /   by Derek Turci

What You Need to Know About Insurance Hikes

Important Information for Anyone with a Strata Property

You might have heard in the news lately that strata insurance rates are increasing all over the province. Although strata properties have been most affected, the truth is that rates for non strata properties could go up as well.
Why is this happening?
Let me start by saying I am by no means an expert on the insurance industry. I have done research to give you a basic understanding, but I'm certain there are many other factors at play here. There are a number of reasons for these sudden increases but here are a few.

1) The high price of BC real estate: BC strata properties have very high valuations resulting in high repair/replacement costs. This has resulted in only a handful of insurers willing to take on BC strata properties.

2) Increasing risk of natural disasters such as fires and earthquakes: Insurers take out insurance against the policies they sell and this travels up the insurance totem poll to an interna; ...
DSR Real Estate Group
Keller Williams Elite Realty
2099 Lougheed Hwy #A123
Port Coquitlam, BC V3B1A8


The data relating to real estate on this website comes in part from the mls reciprocity program of the Real Estate Board of Greater Vancouver. Real estate listings held by participating real estate firms are marked with the mls reciprocity logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by the Real Estate Board of Greater Vancouver which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of the Real Estate Board of Greater Vancouver.

This site powered by CINC: www.cincpro.com