Beginning in the fall of 2019, many strata owners in British
Columbia saw their insurance premiums jump between 50% and 700%
from the previous year, along with similar increases in their
insurance deductibles. Although garnering less attention than the
insurance crisis in the residential strata market, commercial
landlords and tenants are also seeing significant insurance premium
increases.
In Greater Vancouver, the vast majority of commercial leases are
triple-net, meaning landlords pass the costs of the property's
municipal taxes, insurance and maintenance costs through to their
tenants, who accordingly assume the risk of such costs increasing.
Such costs, together with a variety of other costs, are often
called "operating costs" or "common area maintenance
costs".
