From HUB International

Use the following buttons to scroll down to the 29 page Renewal Policy and the 2 page summary of our Strata Insurance to take to your home Insurance Agent.


Residential Realty: Shifting Toward Sustainability

2021 Insurance Market Outlook

As we begin this year with hope for the future, some things will change while others will remain the same. The Real Estate segment of the insurance industry will continue to see hard market conditions throughout this year.
Although 2021 will continue to see rate increases and sustained or rising deductibles, there is an increasing number of insurers who have the capacity to provide coverage. This is a positive progression in the marketplace; however, insurers continue to take a very disciplined approach with a focus on sustainability, often including heightened underwriting requirements on each property. HUB is working closely with both new and existing insurers on our program to support real estate clients.


What are insurers looking for?

Insurers will often favour risks that take steps to mitigate future losses from occurring. Specifically, they may request:
  • Depreciation reports that show ongoing maintenance, updates, and adequate funding
  • Proactive risk mitigation steps taken to address previous claim issues
Certain building risks continue to be a challenge to secure coverage for and insurers are paying special attention to buildings which may have:
  • Poly-B or Kitec plumbing
  • Aluminum wiring
It is imperative that any strata with the above noted plumbing or aluminum wiring proactively review, inspect, and address these items well in advance of their insurance renewal. You will need to discuss with your broker how insurers are handling these risks, and what measures they will be asking the strata to take to ensure continued coverage.
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What changes are taking place provincially?

The Real Estate segment of insurance has seen a heightened level of scrutiny and increased legislation. In September 2020, Bill 14 was passed in British Columbia, bringing with it several changes to how insurers and insurance brokers operate. Some of these changes include:
  • Insurance brokers must provide either a non-renewal position, or advise of any known changes to the terms and conditions of an upcoming renewal, 35 days in advance of the policy expiry
  • Disclosure of broker estimated and actual commission
  • Payment of referral fees to property managers for strata insurance is prohibited
While we are uncertain what the full impact of these changes will be to overall premiums paid by consumers, the measures taken by the government are a step in the right direction in terms of highlighting the challenges this industry has recently experienced. For Real Estate insurance to remain stable, proactive risk mitigation measures are necessary. Bill 14 paves the way for future regulatory changes, which are expected to address the following areas:
  • Identify when stratas are not required to get full insurance coverage
  • Strengthen depreciation report requirements
  • Change the minimum required contributions to the CRF

What is the difference between best terms and split rating?

Best Terms is a pricing model where each insurer that participates on a risk receives the highest rate quoted. In cases where you have four or five insurers on a policy and each are quoting different rates, only one rate - the highest rate - is applied.
Split Rating is a pricing model where each insurer applies their own rate for their participation and would not benefit from receiving the highest rate quoted. In this instance there is a highest rate coupled with lower rates to determine the premium.
HUB has always worked in accordance with regulations and continues to work with our insurer partners to issue policies on a split rate basis, rather than a best terms basis. Since Bill 14 was passed, the provincial government has continued to work with insurers on how rates and premiums are charged as it relates to Real Estate and Strata insurance.
What do insurance rates look like going forward?

Although 2020 included COVID-related losses, large catastrophic events in Canada, and insurer capacity changes, the hard market cycle will not be here forever. Building owners should continue to expect an upward trend in pricing along with sustained or increased deductibles for 2021.
When budgeting for your insurance renewal, it is also important to consider the inflation associated with the appraised replacement cost value of your building. Historically, building values have increased an average of 5-7% year over year.
Working together

It has never been more important for owners, property managers, and insurance brokers to work closely together as we navigate the changing landscape of the Real Estate sector. As your insurance broker, we are committed to partnering with you to provide the best solutions possible in this environment as we all focus on creating a stable and sustainable future for everyone involved.


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A 29 Page document of our
Renewal Policy Package

Use the following button link to download the PDF file to your computer. If using a tablet you need to have a ZIP app installed. On an iPad the ZIP APP is a free download from the APPLE STORE
On your Mac, do any of the following:
  • Compress a file or folder: Control-click it or tap it using two fingers, then choose Compress from the shortcut menu.
    If you compress a single item, the compressed file has the name of the original item with the .zip extension. If you compress multiple items at once, the compressed file is called Archive.zip.
  • Unzip (expand) a compressed item: Double-click the .zip file.

HUB Renewal Document
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The 2021/2022 Summary of Coverage


Download the PDF File and take to your Insurance Agent.
Use the following button to download a zip copy of the PDF file. If using a tablet you must have a ZIP App installed. On an iPad the ZIP APP is a free download from the APPLE STORE
On your Mac, do any of the following:
  • Compress a file or folder: Control-click it or tap it using two fingers, then choose Compress from the shortcut menu.
    If you compress a single item, the compressed file has the name of the original item with the .zip extension. If you compress multiple items at once, the compressed file is called Archive.zip.
  • Unzip (expand) a compressed item: Double-click the .zip file.

2021/22 Summary of Coverage
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Creekside at Clayton Hills
LMS 3764

6885 184 Street, Surrey BC, V3S 9G1

© 2020 GCM for Creekside Strata Corporation

Contact Strata Secretary. - lms3764@yahoo.com