With stories mounting about British Columbia condo owners being hit with skyrocketing costs for their strata corporation insurance, Kamloops-South Thompson MLA Todd Stone prodded the provincial government on Tuesday to take more immediate action on the issue.
The B.C. Liberal MLA introduced a private member’s bill in the legislature to tweak a definition of strata unit under the Strata Property Amendment Act, require insurance companies give strata corporations renewal terms 30 days in advance and require owners of strata lots to have liability insurance.
Strata corporations “have seen their insurance costs go through the roof,” Stone said, noting it ends up being downloaded onto individual residents.
“It is imperative that we take action to best mitigate the impacts of this growing crisis before it gets any worse,” Stone said in a news release.
While private member’s bills seldom make it into law, the head of the Condominium Owners Association of B.C. welcomes the attention of Stone’s proposed legislation.
“Todd Stone bringing the proposed changes to the legislature for consideration will help raise the profile on the seriousness of this issue,” association executive director Tony Gioventu said.
Finance Minister Carole James, speaking during question period in the legislature, said the province is attempting to work with condo owners and the industry to find ways of mitigating the impact of rising costs, Stone isn’t happy with the time it is taking government to respond.
“In a full-fledged crisis, that simply isn’t good enough,” Stone said. “The bill that I have introduced today provides a series of initial actions to address this problem that risks affecting hundreds of thousands of British Columbians.”