Do I have to buy my own insurance? Yes, you need an HO-6 Condominium Unit Owners Policy.  (Note:  if the unit is rented, the owners need a landlord’s policy. The tenant would need a Renters Policy HO4).

 

Does the COA (Condominium Owners Association) carry insurance? Yes, it is a Master Policy for the property and liability of the building.  Most mortgage companies require a Certificate of Insurance from the Master Policy.

 

The Villas of Wake Forest are REQUIRED to maintain a Master Policy paid with Annual Dues.  

 

The Master Policy covers replacement for the building (property) and liability coverage.  The deductible for this policy has increased to a $10,000 deductible.  Claims below the $10,000 deductible would be paid by your HO-6 policy. Claims over the $10,000 deductible may be a master policy issue and unit owners would be responsible for the paying the deductible. 

 

The HO-6 policy has coverage for the master deductible under coverage A (it may be called – Dwelling, Betterments and Improvements, or Additions and Alterations) please include the master deductible amount of $10,000 in your coverage calculations.

 

There are additional coverages to discuss with your HO-6 agent:

1. Loss of use. If you cannot stay in your unit due to a covered peril it would pay housing expenses,
2. Loss Assessment.  Loss Assessment coverage would cover the cost of a special assessment due to a catastrophic event,
3. Property - The Master Property Damage Policy does not cover personal property, make sure there is coverage for your contents and personal items. 

 

If you need a certificate of insurance (most mortgage companies do), please contact our Master Policy Agent, Debbie Carrara.  She can be reached via email at dcarrara@carterglassinsurance.com.  

 

If you have damage to your unit, please call our property management company, York (919-821-1350), and inform them. Then reach out to your insurance carrier.

 

If you have questions, we suggest that you reach out to your HO-6 insurance agent.

 

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