Dear Neighbors,
Please read the information below and attached in PDF format. This information is intended to be helpful to you. Please contact your insurance agent if you have any questions about insurance for your condominium and our insurance coverage for the Villas of Wake Forest.
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 costs for the building (property) and liability coverage. The deductible for the building is $10,000. Claims below the $10,000 deductible would be paid by your HO-6 policy. Please include the $10,000 in your insurance coverage calculations.
In addition to property insurance, 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 and 4. Does not cover some water seepage. Ask you HO-6 agent about coverage.
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.
Barney (Ford)
On behalf of the Board
NOTE: For future reference, this letter has also been added to the webpage "
Documents / Master Insurance Policy".
