Bowen’s insurance premiums are rising rapidly,
which is bad news for Bowen’s owners;
the main reasons for the increase in insurance premiums
are the increase in the number of bad weather and natural disasters,
and the rising costs of renovation and reconstruction.
Tony Gioventu, Executive Director of the Apartment Owners Association,
said that BC’s apartment insurance premiums
will increase significantly by 50% to 300%;
and most importantly,
owners’ insurance premiums will be significantly increased
from $10,000 or $25,000 to $100,000
$250,000 or even $500,000.
The Insurance and Consumption and Industry Relations Department
Department of the Canadian Insurance Agency said that
that the increase in insurance premiums
was mainly due to the increase in severe weather and natural disasters.
Serious weather accidents are becoming more frequent in Canada,
including mountain fires and flooding;
for example, large-scale mountain fires in British Columbia,
Fort McMurray recorded century-old mountain fires in 2016,
and Ottawa has occurred 2 times in the past 2 years.
Large flood and 2 tornadoes.
Relevant agencies said that
the amount of insurance compensation for severe weather
has increased from about 400 million dollars five years ago
o between 1 billion and 2 billion dollars in recent years.
In addition, construction costs rose,
including workers’ salaries and building materials prices,
which further pushed up insurance costs.