What you need to know about Strata Insurance Premiums rising

I'm sure by now you've heard of the rise of insurance premiums coming to strata buildings.  I've been getting calls and emails on why this is happening and what they can do to protect themselves.  In a nutshell, you have to find out whether your home insurance company offers coverage for whatever your new deductible will be.  If they don't, you simply have to find someone who does.  As of now, the government has not stepped in to address the rise we are seeing.  Who knows if they will.  There are only a couple of companies right now that offer such high coverages.  It's important to speak to an insurance broker who can go over the options available and see which coverage is best for your specific situation.  I've attached the 2020 IBABC strata premium increase faq released from the IBABC (Insurance Brokers Association of BC) that goes into detail about why the increases are happening and what you can do as a homeowner and what the strata can do to help minimize risk and how to protect yourself in the event of a claim.  If you have any questions about this, please feel free to contact me and I'll be happy to assist.