Condo Insurance Premiums Are Spiking In Canada, Threatening Resale Prices | HuffPost Canada

Condo Insurance Premiums Are Spiking In Canada, Threatening Resale Prices | HuffPost Canada

British Columbia condo buildings are facing insurance premium hikes of between 50 per cent and 300 per cent, Condominium Homeowners Association executive director Tony Gioventu recently said.

On top of that, “deductibles are going from the conventional $10,000 or $25,000 to $100,000, $250,000 or $500,000,” Gioventu said in a Global News article.

One core reason is an increase in unexpected weather-related events that have caused insurance payouts to spike, explained Pete Karageorgos, director of consumer and industry relations at the Insurance Bureau of Canada.

via Condo Insurance Premiums Are Spiking In Canada, Threatening Resale Prices | HuffPost Canada