With recent changes to strata insurance policies, buyers are proceeding with more caution than ever before. If you are in a position where you are listing your strata property in the near future here are some quick tips on preparing for buyer’s questions and buyer’s request of documents:
- obtain a copy of the strata corporation’s insurance policy or policies.
- gather advice from your insurance provider to understand your liability if the insurance doesn’t cover the strata corporation’s deductible.
Ideally, each strata owner should:
- have a unit owner’s insurance policy,
- have a policy that covers the higher deductible (insurance deductible insurance) to cover a loss in their unit, and
- understand the risk of not having enough coverage.
If you are looking for a real estate advisor to represent you in the sale of your home, and protect your interests, we warmly welcome you to book a 30 minute FREE phone consultation with one of our Real Estate Advisors.