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Vaughn Palmer: Province’s ‘assist’ for strata insurance coverage disaster is actually underwhelming

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VICTORIA — The New Democrats presupposed to experience to the rescue Tuesday of homeowners and residents hammered by hovering insurance coverage premiums on strata properties.

“We do absolutely understand the difficulty that people living in strata are facing when dealing with significant increases in insurance costs, or in some cases, not being able to find insurance at all,” declared housing minister Selina Robinson in saying laws to handle the admitted disaster.

Granted a latest report from the B.C. Monetary Companies Authority (BCFSA) warned there have been no fast fixes and didn’t supply even longer-term ones.

“We know there isn’t a simple solution to solving the challenges facing the B.C. strata insurance market,” mentioned Robinson. “But that doesn’t mean we shouldn’t take the steps that we can.”

The consequence was Invoice 14, described by Robinson as “first steps” in coping with an issue that, by her admission, threatens to value some folks their properties.

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