What is the difference between a condo and an apartment?
What is Condo Insurance and Loss Assessment Coverage? To answer that, knowing the difference between a condo and an apartment is important; because, the two are confising very often. The biggest difference between the two is ownership. Condos are most of the time run by the HOA which stands for the Homeowners Association. However, each unit has its own individual owner. This means that if someone were to rent a condo, the landlord would be the owner of the unit. But, they also have the option to purchase the condo. With an apartment they do not have the option to purchase because they usually have one owner that leases to individual tenants. There are many other smaller differences between the two like rules, costs, and amenities.
What Does Condo Insurance and Loss Assessment Coverage do?
Condo Purchasing in Florida is at an all-time high with numbers increasing rapidly. Managecasa.com With the purchases of condos comes with purchasing Condo Insurance and Loss Assessment Coverage. Like homeowner’s insurance, condo insurance will help pay for any repairs needed to be done to the unit, and help restore any belongings that have been damaged due to situations, like a fire or vandalism up to the limit of the policy. The American Insurance Brokers is one of Florida’s leading experts in condominium association property insurance.