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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.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/2″][vc_column_text]

Is Condo Insurance necessary to have?

Condo Insurance is not mandatory according to the law. However, the condominium association may have requirements that need to be met for coverage. It can be compared to having a mortgage, the lender will in most cases need for that person to have an insurance policy for that condo unit.

Homeowners Insurance will NOT work for a condominium!

As much as homeowner’s insurance is similar to condo insurance, it will not work to a condo as it would work for a home. It would need a separate type of policy which would be condo insurance and would protect the contents within it, along with the ceilings, floors, and walls. The American Insurance Brokers currently provide master policies for multiple associations throughout the state of Florida, in addition to providing personal insurance to condominium residents.[/vc_column_text][/vc_column][vc_column width=”1/2″][vc_single_image image=”1982″ img_size=”full”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]

Cost!

Money plays a big role in these types of discussions.  The pricing for Condo Insurance and Loss Assessment Coverage varies due to many factors. It depends on the value of personal property, the type, and the amount of coverage carried. As an example, a person living in the condo that owns hefty amounts of valuables like fine art, expensive jewelry, collectibles, and items of that nature, would need to purchase additional coverage for those objects. So, this would make their cost a bit higher than the average owner who may not own as many of those items. American Insurance Brokers is an independent broker and work exclusively on a person’s behalf to source the most effective and low-cost solutions.

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How to buy condo insurance?

There are numerous ways to buy condo insurance. The most effective way to do it is to seek professional help to find the best policy. Condominium Insurance is unique and a very important aspect to have. American Insurance Broker will work closely with you to obtain the coverage you require. Let AIB find the most comprehensive and cost-efficient policy for you.

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