If you rent your unit, you are strongly encouraged to buy renter's insurance. Typical premiums are about $100-150 per year. That buys $20,000-30,000 in coverage (the typical minimum), with a small deductible.
Ordinary renter's insurance does not include flood insurance, which is an extra premium of $150-200 per year. If you live in a lower unit, it is vital to have flood insurance. Camelot Village is in the flood plain of Bolin Creek and at least some flooding occurs every 4-5 years. The major flood of June 30, 2013 inundated 72 of 76 lower units, resulting in all 72 units being condemned. Residents in lower units not only sustained heavy personal losses but the loss of their homes. The Camelot Village Homeowners Association carries FEMA flood insurance at considerable cost to condo owners. But this insurance only covers buildings, not their contents.
Here is a general discussion of renter's insurance. (PDF 99KB)
And another one, "Money Matters: Getting renter's insurance makes good sense". (Original article here).
Owner-occupants can obtain Condo homeowners insurance. Flood insurance will be covered by the collective flood insurance policy carried by the HOA. More info. (PDF 83KB)
Owners who are not residents can obtain "rental dwelling" insurance. This can include, most importantly, liability coverage. More info. (PDF 63KB)
See your preferred insurance agent for a detailed quote. Or contact the State Farm agent who handles the Camelot HOA insurance policies, Matt Phillips, 73 S. Elliot Rd., Chapel Hill, NC 27514, 919-929-9552 (between Whole Foods and Staples on E. Franklin St.).
Revised June 27, 2016
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