Homeowners Insurance:
Forrest Lake is not a condominium complex but is a neighborhood of townhomes. Each townhome
owner owns the ground and portion of their building including exterior walls, foundation, windows, doors and roof.
Banks also tend to look more favorably at a townhome versus a condominium making it easier to get approved for a loan.
Homeowners are required to carry complete homeowners insurance that would provide for the repair and/or full replacement of their portion of the building including the exterior walls and roof should a catastrophic event occur including natural disasters. To ensure that all residents maintain adequate insurance coverage a current copy of insurance must always be on file in the office (most insurance companies will send directly to Forrest Lake with each renewal).
Your monthly maintenance fee provides for the routine maintenance of the building exterior and roof so you don't have to worry about the upkeep. The residents (through the election of board members) have worked hard over the years keeping the buildings and grounds well maintained. The association has several programs in place to ensure that money is available when necessary like a roofing and other contingency funds. These funds act as sort of a savings account to ensure that money is available when needed. Please see the By-laws for complete owner responsibilities.
Flood Insurance:
Forrest Lake has never experienced any flooding in
its entire history but since homeowners insurance does not cover flooding it is recommended that every homeowner carry flood
insurance.
Please feel free to contact the office manager (see welcome letter) if you have any additional questions related to insurance requirements.
