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Insurance Differences - Condominiums and Apartments

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    • Insurance Differences – Condominiums and Apartments
Sep, 25
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apartmentsCondo insurance, especially in Southwest Florida, is as essential as a reliable vehicle to get you from point A to point B. Sometimes we talk about condominiums and apartments and use the two terms interchangeably—but they’re not the same.

A condominium is part of a group of housing units where each homeowner owns their individual unit and all of the residents share a common area. You might think that sounds like a community of single family homes, but the main difference, however, between condos and individual homes are that there is no individual ownership of a plot of land. The land owned in a condominium is owned by the condominium’s shareholders. And all condominium buildings, unlike a single-family home, have associations that govern the policies of the condominium, collect the monthly, quarterly or annual association fees and allocate expenses for maintenance.

Another difference is that an apartment building carries a single deed of trust. A condominium carries an individual deed of trust for each unit. However, a Real Estate developer has the option to purchase an apartment building and convert the units into condominiums. But to do this, they would have to bring them up to city code and sell them to potential homeowners.

Centennial Insurance Services offers condo insurance at a great rate. If you’re looking for a quick and easy quote, our independent agency can provide you with one in 24 hours. We have offices in Southwest and Northeast Florida, and specialize in all of your Florida insurance needs.
At Centennial Insurance Services, there is no complicated process. We believe in making it simple. We will analyze your insurance concerns, and together with our reliable staff, offer the best insurance policy available. Please contact our office at 239-247-5125 for more information or to speak to one of our agents today.