A condo owner facing onerous increases in her insurance premiums says it’s time for the provincial government to stop insurers and brokers from using Best Terms Pricing.

Margaret Blackmore is one of 150 condo owners at Brookfield Estates who have been told their insurance premiums are skyrocketing.

Premiums are rising from $54,000 dollars in 2022 to $364,523 for 2023, which is a lot to shoulder for condo owners, many of whom are seniors of modest means.

The condo owners have been informed that Brookfield Estates is working with the Insurance Bureau of Canada in exploring options to reduce insurance premiums in 2024, but the increases for 2023 stand.

Blackmore says Best Terms Pricing is to blame.

She says those 150 people now have to somehow come up with the extra money.  She says three people are now trying to sell, but she’s not sure who’ll buy knowing that the condo fees are increasing by so much.

Blackmore says Best Terms Pricing has been discontinued in many provinces and she wants more definitive action from the provincial government to address the issue.

Insurers and brokers encouraged to discontinue ‘Best Terms Pricing’ to enhance consumer protection. For more information – https://t.co/nRpbJRhxGK #GovNL pic.twitter.com/QErHeffVwp

— Digital Government and Service NL (@DGS_GovNL) January 31, 2023

The provincial government last month issued a release urging insurers and brokers to discontinue the practice which results in a final premium based on the highest price quoted, even if the majority of quoted rates were lower.

In the meantime, Brookfield Estates is looking for a new property manager.  Perennial Management, which had been doing property management work for the condo development, is ending its services with the company as of May 1st.