
An opposition MLA is trying to solve the problem of sky-high strata insurance rates, particularly in Metro Vancouver.
Kamloops South Liberal MLA Todd Stone has introduced a private member’s bill asking for a change in the definition of “strata unit” so it would qualify for better insurance rates.
Stone’s proposed bill also requires a strata corporation to provide a copy of proof of insurance, while requiring that strata corporations be given the terms of the insurance renewal at least 30 days in advance.
It also requires an owner of a strata lot to obtain and maintain liability insurance.
“Some practical first steps, certainly no silver bullets, but we’re saying to the government come on it’s time to stop talking and let’s see some action on this,” he said.
Stone says they’re also asking the government to create a water damage prevention program to provide financial incentives for preventative maintenance in strata buildings, instead of simply saying they’re ‘monitoring’ the situation.
“In a full-fledged crisis, that simply isn’t good enough — it is time for action,” Stone said. “This bill provides a series of initial actions to address this problem that risks affecting hundreds of thousands of British Columbians. The government needs to act quickly to prevent further escalation of this crisis.”
Many Western Canadian stratas have seen their insurance jump by thousands of dollars over the past few months, leading to high monthly fees and deductibles for owners.
The increase is being blamed on climate change and fewer insurance companies.













