Strata Insurance Update for Victoria BC

As of January 1, the practice of "best terms" pricing is to end in BC. This will help moderate the high cost of insuring stratas in our province.

 

The B.C. Financial Services Authority had in its interim report released this summer identified "best terms" as one of the reasons the cost of strata insurance was under high pressure.

 

For further detail and an explanation of how "best terms" works, visit this Vancouver Sun article.