Condominium/Strata Corporation Insurance Q&A

The condominium and strata corporation insurance market has been facing challenges due to factors such as weather-related claims, record-low interest rates, capacity withdrawal in certain commercial product lines, and the COVID-19 pandemic. These issues have resulted in affordability and availability problems for commercial insurance, impacting condo and strata corporations. Several factors can affect the price of condo or strata insurance, including construction type, geographical location, claims history, occupancy status, and building size. To address these concerns, the Insurance Bureau of Canada (IBC) has launched a Condominium/Strata Action Plan, which includes a dedicated Risk Manager, a National Task Force on Commercial Insurance, consumer education, and shared risk management information to assist in obtaining affordable insurance. Condo and strata corporations can contact IBC's Business Insurance Helpline for further assistance.