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BC strata insurance went through a crisis between 2018 and 2022. Premiums tripled. Deductibles ballooned. The Province intervened with regulatory adjustments and the market eventually stabilised. In 2026, for the first time, the trend is meaningfully better.
The 2026 market in one paragraph
The BC strata insurance market in 2026 is the most favourable it's been since 2017. Multiple insurers are competing for business, premiums are dropping or holding flat for well-maintained buildings, and more flexible deductible structures are emerging.
What strata insurance covers
- Property: the building's structure, common property, fixtures, and improvements (typically rebuild value)
- General liability: usually $5–25 million coverage
- Directors and officers (D&O): liability protection for council members
- Crime / fidelity: theft of corporate funds
- Boiler and machinery: mechanical breakdown
- Loss of rental income / rebuild costs
Owners' personal contents and personal liability are not covered. They need separate strata-condo unit owner insurance.
The deductible problem
Over 60% of BC stratas face deductibles exceeding $50,000 (up from 15% in 2020). Water damage deductibles of $100,000+ are common in older buildings. Earthquake deductibles run 5–25% of insured value. The 2026 trend: more insurers offering tiered deductibles based on building maintenance.
What's driving 2026's softening
New capacity (insurers re-entering the market), loss experience improvement (water-claim wave subsided), and regulatory clarity (provincial reforms removed underwriting uncertainty).
What councils can do to manage premium pressure
Maintenance investment (plumbing, leak detection, sprinkler upgrades). Updated appraisals (every 3 years). Current depreciation report (now incorporated into underwriting). Loss control documentation. Market test every 2–3 years. Owner education on deductibles.
Coverage gaps councils most often miss
- D&O limit too low. $2–5 million is appropriate for most BC stratas in 2026.
- Crime / fidelity bond. Should cover at least the corporation's largest single trust account balance.
- Cyber. A new and growing exposure as stratas digitise records and accept electronic payments.
- Equipment breakdown. Sometimes excluded by default; should be added if your building has elevators, boilers, or generators.