government has announced regulatory changes aimed at bringing more transparency to condo insurance premiums, which have risen by as much as 40 per cent. It says that would ensure stratas have advance warning of cost increases in order to seek other insurance options if they wish. The legislative amendments also mean insurance agents will be required to disclose their commission amount, or a reasonable estimate, to the corporations. Stratas, or councils involving condo and townhouse owners, have been calling on the province to step in as insurance costs have risen to unaffordable levels. A government-commissioned report released in June found deductibles increased by triple digits as insurance premiums rose.

Source: CBC News September 13, 2020 19:07 UTC