Why is condo insurance going up? Sep 12th

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Condo insurance increases have been making headlines. In B.C., there’s been a significant jump in premiums that are making condo-living increasingly expensive. According to online condominium data resource Eli Report, B.C. condos are bracing for insurance increases that range from 25% to a whopping 240% per year (the average budget increase was 35%). Premiums in Alberta have risen at a similarly aggressive pace and in Ontario, prices have risen 8% between 2019 and 2020.

Why are condo premiums are on the rise

What’s fuelling the hike in prices? A perfect storm, according to the December 2020 report from B.C. Financial Services Authority (BCFSA)—and one major culprit is the weather. According to the Insurance Bureau of Canada (IBC), severe weather caused $2.4 billion in insured damage across the country during 2020. The major events included the Fort McMurray floods, Calgary hail storms and wild wind storms in Ontario and Quebec. (And surely, today’s West coast fires will impact future premiums, too)…

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