The Benefits of our Coverage
Joining Community Housing Coverage has some outstanding benefits.
Beyond the cost savings for housing providers, CHC’s sector-led, pooled approach also means reduced risk and a unified voice, supporting the entire sector in negotiating with the global insurance market.
By participating in CHC, the society shares exposure to high frequency, low-cost claims amongst the pool and gains a sector voice at the insurance negotiating table.
CHC’s pooled coverage allows costs to be stabilized with the ultimate goal of reduced premiums for participating policyholders. Additionally, early adopters have priority access to premium discounts and installation benefits.
Incredible Benefits
Local Expertise and Support:
HUB Producers live and work in the same communities as your society. With a presence in more than 78 communities across British Columbia, they have a deep understanding of your unique needs and challenges, fostering stronger local relationships built on trust and familiarity.
Data-Driven Insights:
Data is key, and context shapes decisions. CHC is a data-driven organization, utilizing analytics in every conversation with insurers to provide valuable insights and improve outcomes for your society.
Collective Buying Power:
Provides a “strength in numbers” advantage, allowing the group to advocate for specific coverage needs, better policy terms, and more competitive pricing. Allows the group to secure more favourable rates and terms than if each member were to negotiate individually.
Cost Savings:
By negotiating as a unified entity, the pooled group can access volume discounts, lower carrier costs, and potentially benefit from a better loss history collectively, leading to reduced overall insurance premiums.
Repair Reserve Fund (RRF):
Profits from negotiated savings will be cycled back into building the RRF; by reinvesting future savings into the fund, we can manage risks internally, providing greater flexibility and financial stability.
Administrative Efficiency:
Managing insurance policies for a large number of entities individually can be complex. CHC acts as a central administrator, streamlining the administrative processes, making it more efficient for both the insurance providers and our insured members.
Risk Sharing:
The group shares in the risk of high-frequency, low-cost claims, which helps to stabilize premiums and reduces the impact of individual claims on any single participant.
Risk Mitigation Strategies:
Pooled insurance can also support risk mitigation efforts. The collective data and experience of the group may allow for better risk assessment, leading to data-driven decision-making and proactive risk management measures.
CHC is transforming the insurance landscape, empowering providers to shift from consumers to owners and direct beneficiaries.
By leveraging our collective strength, we create a regenerative model where resources are reinvested to foster stability, resilience, and community benefit.
Through this reciprocal system of pooling resources and distributing risks, community housing providers achieve greater financial stability and operational resilience.
By participating in CHC, the society shares in the risk of high frequency and low-cost claims amongst the pool and has a sector voice at the insurance negotiating table. Our goal is to ensure that every organization, regardless of size, can access the protection needed to sustain operations and thrive in a dynamic environment.