Staff have begun highlighting the issue of raising condominium insurance rates to members and various committees across the province. This growing issue is complex and is contributed to a combination of frequent extreme weather events, the severity of condominium property claims and increasing property values. CHBA National remains involved with this issue and is actively working with insurers and other experts to create decision-making tools to construct more resilient buildings that are less susceptible to natural disasters and costly claims. BILD Alberta will be engaging with local constituent associations and various provincial ministries to discuss advocacy options and potential legislative changes.
A detailed overview of the issue can be found here. If you are aware of any challenges with rising condominium insurance or any sections of the Condominium Property Act that should be considered for review, contact Saheb Dullet.