FAQs Learn more about common questions asked about condo and strata corporation insurance and IBC’s Condominium/Strata Action Plan. Frequently Asked QuestionsQ. Will working with IBC’s Risk Manager help lower the insurance premiums for my condo or strata corporation?IBC's Risk Manager can work with condo or strata corporations through their broker to identify issues that are preventing a condo or strata corporation from obtaining insurance, or issues that may be leading to higher premiums. It's ultimately up to the condo or strata corporation to decide whether to address those issues. Q. Why is there such a problem with condo or strata corporation insurance in Alberta and BC?Some of the factors contributing to the current state are an increase in claims related to severe weather, the increase in the frequency and severity of claims not related to weather, the use of building construction materials that may increase risk, increasing replacement costs and a lack of an effective risk management strategy.Q. How are insurance premiums for condos and stratas set? Insurance premiums are determined based on risk and many other factors. Insurers consider the likelihood of a customer (or a group of customers with a similar set of circumstances) making a claim, and how much those claims will likely cost. The price for premiums is based, in part, on an insurer's best estimate of the amount it will be required to pay out in claims on the policies it issued in any given year. Insurers pool the premiums of their many policyholders to cover the losses claimed by the few in that year. Guide to Condominium InsuranceCondominium insurance differs from that provided for conventional homes. Coverage is provided under two separate policies; that of each unit owner and that of the condominium corporation. Condominium Insurance in BCA strata corporation’s insurance may cover insured losses to the strata building and common property but does not cover a unit owner’s personal contents, liability or unit improvements Related ServicesCondominium or Strata Corporation Board MembersInformation for condominimum or strata corporation board members.Condominium or Strata OwnersInformation for condominimum or strata owners. Useful LinksInsurance Bureau of Canada Launches Commercial Task ForceCommercial insurance is becoming challenging on a global level following years of significant losses. Insurance Bureau of Canada (IBC) is launching the National Commercial Insurance Task Force to examine how this is impacting Canadian companies and consumers.IBC to hire risk manager to assist condominium corporationsTo address issues that have arisen in the commercial insurance market, and especially in condominium insurance in Alberta, Insurance Bureau of Canada (IBC) will be engaging an expert in risk management to assist those having trouble accessing affordable insurance. IBC Taking Action on Commercial Insurance in British ColumbiaToday, Insurance Bureau of Canada (IBC) released a set of policy recommendations designed to address the current insurance affordability challenges in BC’s strata insurance market.