What You Need to Know About Strata Management

If you are a strata owner, knowing your area’s rules for strata management is crucial. By-laws, insurance claims and standard property maintenance are just a few things that you need to be aware of. In addition, several different strata management companies can help you. It’s a good idea to contact one before making any significant changes or repairs to your property.

Owners’ corporation committee or strata council

A strata committee or council is the highest decision-making body of an owners’ corporation. The owners’ corporation elects it at its annual general meeting. Usually, this council is made up of three to nine members. Learn more about JEWhite’s strata management Adelaide.

Each member of the strata committee has one vote. The value of each franchise is based on the unit entitlement of the lot. For example, if you are an owner of two lots in a two-level building, you have a vote for each lot. However, if you own only a single lot in the building, you have only a vote for your lot.

The council’s job is to represent the interests of the owners of the strata scheme. It is also responsible for ensuring that the strata property meets its financial obligations. It can employ staff, including a manager. It may also ask tenants to pay special levies.

Members of the committee must act in good faith and in the best interest of the strata corporation. They must also be truthful and operate by the by-laws of the owners’ corporation. They can be sued for damages caused by their actions.

Each member of the strata committee must make disclosures of their financial interests at the meetings. These should be recorded in a book. It is important to note that no member can vote on a motion if they have a financial interest related to the discussed matter.

A strata committee is a great way to get involved in your community. It is a place where residents can voice their concerns, and there are many opportunities to serve on the committee. But, it takes commitment and patience to become a council member.

The strata committee has many responsibilities. The main one is to decide on the day-to-day operation of the strata scheme. It has the power to create new by-laws. It can also propose a change to the existing budget and review ongoing projects.

Every committee needs a strong leader. It also requires a mission statement and a sound plan. Finally, it should align with the strategic priorities of the council.

Insurance claims

You must have insurance if your property is part of a strata scheme. A manager usually administers your insurance. It covers your common elements and contents. It can also protect you against injuries you or your visitors may receive.

Strata insurance policies vary from state to state. Each policy will contain an exclusion list; understanding these limits and discussing them with your insurance broker is essential. Your insurer may also have other requirements.

When an owner of a unit in a strata building makes a claim, they must submit a tax invoice to the insurance company. The insurance company will ask for a quotation and determine whether they need to appoint an assessor.

If you do have a claim, the strata management group will arrange for the repair of the damages. If under $10,000, your unit will not qualify for the strata’s insurance.

However, you might be responsible for the deductible. This amount is based on the percentage of the value of the entire building. For example, if a $10,000,000 building has a 10% deductible, the total deductible is $1,000,000.00.

You should contact the fire department immediately if your property has been damaged. You should also contact the property management company. You can find their contact information on the strata council website.

You should discuss your condo owner’s insurance coverage with your insurer and property management company. If you rent your unit, consider purchasing earthquake coverage. Your policy may include removable heavy appliances. In addition, you can buy business interruption and property damage insurance if you have a home-based business.

You should also be aware of the deductible of the strata corporation. The deductible is the amount the strata corporation must pay to be covered by the insurance. If your corporation’s deductible is too high, it will affect your premiums.

Your insurance broker can help you choose the best cover. They have access to various insurers and can provide multiple quotes. They can also advise you on what to do when a claim is made. Learn more about JEWhite’s strata management Adelaide.

By-laws

By-laws are essential rules that owners, residents and workers must follow to maintain a harmonious living environment within a Strata Scheme. Bylaws cover a wide range of issues, including parking, common property care, the use of common areas and the behaviour of residents. They are also helpful in resolving disputes between owners and residents.

By-laws for strata management can vary from scheme to scheme. Therefore, it is essential to check that your by-laws are current. If they are not, you should contact your strata committee secretary to get a copy of the latest by-laws.

When a by-law is not followed, the owners’ corporation can fine the resident or take other actions. It can also send the alleged offender a Notice to Comply with a By-Law.

The Strata Schemes Management Act mentions that the owners of strata lots have a statutory duty to ensure that the by-laws use their lots. If a by-law is broken, the corporate body can apply for a financial penalty to the Tribunal.