Relief from sky high condo insurance not imminent: finance minister
Posted March 3, 2020 4:27 pm.
VICTORIA (NEWS 1130) – While there is the possibility of relief for condo owners paying ridiculously high insurance rates, the province says there’s a lot of work to be done between now and then.
The provincial government continues to come under fire for climbing insurance rates, with some people paying twice what they were a year ago.
Finance Minister Carole James faced off against the opposition in Question Period in the legislature Tuesday over why government isn’t moving faster on a fix.
“It’s going to be very difficult but that’s why we are looking at everything we can,” James said, adding her office is meeting with the financial business authority to see if there’s any regulations that can assist. “I hope in the next month we’ll be able have some ideas but again it’s going to be determined by the conversations with the industry and with strata owners as well.”
QP @BCLegislature starts with @toddstonebc asking @carolejames why she/gov aren't doing more regarding escalating insurance cost for condos.
She says they've BC fin services authority to look at regulation – and working with owners and industry to see what can be done. #bcpoli— LizaYuzda (@LizaYuzda) March 3, 2020
The results of those discussions and work could be a month or two away at least, she says.
James says she is considering some ideas in a BC Liberal private members bill, but says in whole it is not the answer. She likens the current insurance crisis to leaky condos from the 90s, and says there may be similar solutions, however capping deductible limits is off the table.
