Cracking the Code on Strata: Understand the key terminology for strata and strata insurance
The world of strata can be quite complex, and sometimes different terminology is used across the various states and territories in Australia.
Whether you're moving into a unit, apartment, or townhouse, having a clear understanding of strata terminology is paramount to safeguarding your investment and making well-informed decisions.
At Flex Insurance, our aim is to simplify strata insurance and help strata property owners by demystify some of the language used in strata and strata insurance, offering you clear and concise explanations of some of the terms.
Understanding the terms, rules, and guidelines of strata living is an important step for first apartment owners. Living in an apartment means sharing the responsibility for insuring, maintaining and managing the common areas of the building.
You will come across a range of terms you may not have heard of before. By acquainting yourself with some of the more common terms, you're will hopefully feel more comfortable in making decisions related to your strata property.