Purchasing a strata-titled property comes with unique considerations. To ensure a smooth move-in and protect your investment, here are key points to know
1. Notify the Strata of Your Move
Many strata corporations require advance notice of your move-in date and time. This is especially important if:
There is an elevator that needs to be reserved.
Protective coverings need to be installed to prevent damage.
Contact your strata council or property manager to confirm the requirements:
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2. Additional Insurance Coverage
While the strata corporation maintains insurance for the building and common areas, this coverage may not extend to:
Your personal belongings.
Improvements or renovations you’ve made to your unit.
Personal liability for accidents or property damage within your unit.
Other key points:
Deductibles: If you cause damage (like a leaking bathtub), you may be responsible for the strata’s insurance deductible.
Coverage gaps: Strata insurance may not cover upgraded flooring, kitchens, or fixtures.
Personal liability: You may need coverage for injuries or property damage for which you are responsible.
Pro Tip: Consider purchasing additional insurance from the same provider as the strata corporation. This avoids conflicts between insurers if a claim overlaps coverage.
Next Steps
Contact your strata for move-in requirements.
Review the strata’s insurance policy and understand its limitations.
Speak with your insurance broker about coverage for belongings, improvements, and liability.
Taking these steps ensures a smooth move-in and protects both your home and your financial investment.
