Property insurance premiums are leaping, with deductibles doubling and worse. In some cases no insurance is available.
Insurance industry consolidation over the past decade has left fewer options for consumers and less competition among insurers, in addition, sky-high property replacement costs, antiquated infrastructure and extreme weather are making insurance more expensive and, in some cases, impossible to get. No insurance means no financing. This is a huge negative for condo owners and prospective buyers. As extreme climate costs rise, these problems are just getting started.
Condo owners could be facing a significant increase in their home insurance. Tony Gioventu with the Condominium Home Owners Association of BC explains why.
Here is a direct video link.
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