Strata corporations required to report material changes in insurance coverage to strata-lot owners
August 31, 2020
BY Kevin Zakreski
Earlier this month, an amendment to the Strata Property Act came into force, requiring strata corporations to “inform owners and tenants as soon as feasible of any material change in the strata corporation’s insurance coverage, including any increase in an insurance deductible.” This amendment implements one of the 11 recommendations found in BCLI’s Report on Insurance Issues for Stratas.
The amendment came into force on 14 August 2020, which was the date on which Bill 14 received royal assent. The bill contains a series of other amendments affecting insurance for stratas and depreciation reports. These amendments will be brought into force by regulation, at a future date. Implementation of amendments to the Strata Property Act can be tracked on the legislation page of the ministry of municipal affairs and housing’s strata housing website. Information on insurance for stratas can be found on the ministry’s strata insurance website.