2014 Strata Insurance Outlook

Thursday September 27, 2018

2014 Strata Insurance Outlook

2014 Strata Insurance Outlook

Looking Ahead

It is likely that flood and hail coverage will be more difficult and expensive to purchase across the
country. It is also likely that flood deductibles will rise in BC, regardless of location. Properties in
higher risk (flood prone) areas may see considerable deductible increases.

On the plus side, like any market that is based on supply and demand, the increasing premiums
that BC based properties have paid over the last 5 years are beginning to attract new insurance
companies into the mix. It is likely that 2014 will see new entrants. Their introduction will limit
premium increases. As we look forward to 2014, we anticipate increased premium costs but remain optimistic they will not be as significant as with previous years.

Strata corporations can be reassured that comprehensive insurance protection remains available to protect their assets. Your insurance broker should be looking towards   insurance companies to support the industry as this helps towards the overall cost for consumers. In closing, remember whilst cost is important, insurance is only as good as the claims it pays for.

This article was written by Paul Murcutt, Client Executive at BFL Canada. Paul began his insurance career with BFL in 2003. He specializes in Real Estate Insurance programs and is responsible for a large portfolio of clients operating in both the Residential and Commercial Property Management Sector.

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