Condo Insurance Hikes Hit Shoal Point

Most condo stratas are seeing condo insurance rate hikes in the 20% to 80% range, which is problematic, but not as difficult as what the residents in the Shoal Point condominium complex are now facing. According to residents, this year’s price tag is $817,000 as compared to last year’s amount of $265,000. Divided up between the 150 plus units, that means resident’s condo fees are going up 44% this year to more than $1,000 a month in order to cover the additional costs. Their deductible for water damage is also rising from $25,000 to $500,000.

It’s an example of how new luxury buildings in BC are being hardest hit.

Reference: https://www.timescolonist.com/opinion/columnists/les-leyne-insurance-jump-for-victoria-condo-building-817-000-from-265-000-1.24085281