No matter what kind of structure you live in here in Southwest Florida insurance is important. We often use the terms condo and apartment interchangeably but in the world of insurance, they are not the same.
A condominium complex 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. 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.