What's Happening With BC Strata Insurance in 2026?

Why insurance feels different this year

Heading into 2026, the BC strata insurance market has softened. After years of steep increases, insurers are competing for business again, and some well-maintained buildings with clean claims histories have seen premium reductions. The relief is real, but it is uneven, and it has not lowered deductibles. That combination is the key thing for councils and owners to understand this year.

The good news on premiums

Industry outlooks for 2026 describe a buyer-friendly market, with more insurers willing to write strata business and rate relief carrying over from 2025. Buildings that present well, with current appraisals, documented maintenance, and few recent claims, are in the best position. Insurers remain selective, so older buildings, those in higher-risk locations, or those with a history of water claims may still face tighter terms.

Why deductibles are still high

The structural change from the 2020 insurance crisis has not reversed. Water damage is still the most frequent and costly type of strata claim, so insurers keep deductibles high to push smaller losses back onto the strata. According to figures reported from the BC Financial Services Authority, more than 60 percent of BC stratas now carry water-damage deductibles above $50,000, compared with a much smaller share in 2020. In many Metro Vancouver buildings, water-damage deductibles commonly range from roughly $100,000 to $250,000, and older or high-claims buildings can be higher.

Who pays the deductible

This is where high deductibles hit home. Under section 158 of the Strata Property Act, a strata corporation can recover its insurance deductible from the owner of the strata lot where a loss originated, even if that owner was not at fault. So if a hose fails in your unit and the strata's deductible is $100,000, the strata may charge that amount back to you. Disputes over these amounts are often handled through the Civil Resolution Tribunal.

This is closely tied to the broader question of who is responsible for a repair, and it is one more reason councils are planning carefully for 2026 costs alongside items like the electrical planning report.

What councils and owners can do

Keep your insurance appraisal current so the building is not underinsured.

Maintain and document upkeep of plumbing and other water-related systems, since clean records and loss-prevention measures earn better terms.

As an owner, carry personal coverage that includes loss assessment or deductible assessment at least equal to the strata's highest deductible.

Make sure owners can see the strata's current deductible amounts, which appear in the insurance summary.

Making coverage details easy to find

Owners often only learn their strata's deductible after something goes wrong. Keeping the current insurance summary and coverage details in one place residents can check helps owners set their personal policies correctly and cuts down on repeat questions to council. OpenStrata is built to keep this kind of current, shared information accessible.