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Insurance Coverage

The Association’s blanket policy is single entity and covers the structure and betterments meaning the interior - walls, flooring, cabinets, etc.  Each homeowner will need to carry separate coverage for their personal property, personal liability and earthquake assessment loss for $10,000.  The Association’s blanket policy includes earthquake coverage.  However, the earthquake deductible is $2.5 million which equates to approximately $10,000 per unit.  The annual insurance premium is billed to the Homeowners each December.  The insurance agency is First Insurance Group and the representative is Donna Johnson (812) 331-3230. 

Rentals

 

Are rentals allowed in Sherwood Green? Yes, rentals are allowed under the following conditions:

  • All leases are must be in writing

  • All leases can be no less than 11 consecutive months.

  • Units shall not be leased to more than 3 unrelated adults

  • All leases must state that the tenants and their guest must abide by the governing documents of the Association and failure to abide by the governing documents of the Association shall constitute a default of the lease.

  • Both owners and tenants must complete a Rental Verification form and submit it to the Association.

  • Be in accordance with the rental standards established by HAND (City of Bloomington Housing and Neighborhood Development).  

What makes a unit considered a rental?  Rental units are defined by the City of Bloomington as “any dwelling unit, rooming house, or rooming unit occupied by a person(s) other than the owner and/or their legal dependent.”  Units that meet this definition are required to submit the tenant verification form.  

Financing

Sherwood Green is considered a Planned Unit Development not a condo for financing and finances as a single family residence.  This is reflected in the Covenants, Conditions and Restrictions on page 3 Section 10 - PUD.  

Is Sherwood Green FHA and VA approved for financing?  Yes, Sherwood Green finances as a single family residence therefore it will finance with an FHA or VA loan.

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