There may be a little relief coming for condo owners who may be affected by the skyrocketing Condo Insurance premiums.
The IBABC is getting involved by proposing two main reforms to provincial legislation:
- a $50,000 cap on the deductible assessment and non-insured loss assessment
- a change in standard definition of a strata unit to ensure the basic components of a condo such as walls, ceilings, drywall, sub-floor, basic electrical & plumbing are covered by strata insurance
This may not bring total relief but could ease the pain a bit, pending the insurers agree. Here is a link to the statement fro IBABC: 2020 Strata Insurance Media Release
Angela Calla is a 16 year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at email@example.com or 604-802-3983.