Condominiums and apartments are both dwellings located within a larger structure that contains a number of private residences. They are similar, but they also have a number of important differences, including ownership, maintenance duties, amenities, and insurance requirements. Here are some of the key ways these two types of dwellings differ.

Apartments

An apartment building—as well as all the units inside it—is usually owned by a real estate investor or property management company. Individual apartments are rented out to tenants who pay rent for the privilege of living there. Rent typically includes maintenance services, such as lawn care, appliance and fixture repairs, and cleaning of common areas. If a pipe should burst or an appliance should break, the tenant is not responsible for repairs. That falls on the landlord or property manager. However, tenants are normally not permitted to make substantial changes to the dwelling, such as wallpapering, painting, or carpeting. Tenants need to buy renters insurance because landlord insurance usually only covers the structure and any tools used in managing the business. Renters insurance covers losses to tenants' personal property due to fire, storm, vandalism, or theft. It also typically includes personal liability coverage in case the tenant should accidentally injure someone or damage their property.

Condominiums

The interior of a condominium, whether it's part of a two-unit duplex or a 100-unit, high-rise building, is typically owned by the occupant. Any damages—as well as maintenance—to the interior walls, ceiling, flooring, or furnishings are the responsibility of the owner. Responsibility for the building's exterior—including the roof, gutters, and siding—belongs to the condominium association. Occupants pay an "association fee" to cover these expenses, along with lawn care and driveway maintenance. To guard against fire, storm damage, or theft, occupants need condo insurance, which covers all that a renters policy does, with the addition of the internal structure of the building. Condo coverage is, therefore, more expensive than a renters policy. The exterior of the building is usually covered by condo association insurance, paid for by the association out of monthly dues contributed by the occupants.

To discuss coverage options for your condo or apartment, contact one of the experienced insurance agents at Family First Insurance Services in Wesley Chapel, FL. In addition to condo and renters insurance, they also specialize in home, life, motorcycle, boat, and car policies. Visit their website to learn more about their insurance options, or call (813) 994-3900 to request a quote.