Condo owners in the Brookfield Estates neighbourhood of St. John’s have received some good news regarding their home insurance.
The roughly 150 condo owners had been told their premiums would skyrocket this year, rising by almost $500 a month.
But in an update to residents, the Brookfield Estates Condominium Corporation states there will still be an increase, but it’ll amount to $145 a month instead.
There had been initial outrage at the suggestion of so-called best-terms pricing at play — a practice that the province has told insurers and brokers to discontinue. That’s where premiums are based on the highest price quoted, even if the majority of quoted rates are lower.
But that was said to not be the case.
One condo owner suggested the lesser increase is a bit of a relief given all of the other financial pressures home owners are facing.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.