B.C. condo owners are bracing for sticker shock amid surging insurance rates for their homes.
“Rates are increasing for people in policies now anywhere from 50 to 300 per cent, and deductibles are going from the conventional $10,000 or $25,000 to $100,000, $250,000 or $500,000,” said Tony Gioventu, executive director of the Condominium Home Owners Association.
The reasons for the surging rates are multiple, but one of the factors is the sky-high value of B.C. properties.