Michael ~

A Condo and an Apartment Complex are virtually identical from a physical standpoint. 2 bedrooms, 3 bedrooms, 4 bedrooms, some Units can be as expansive as 5,000 square feet or more.

Both can be built with varying grades of quality. Both can have a "Commons Area" for all residents to enjoy complete with a pool and spa.

Where the differences come into play is in actual ownership versus tenancy.

Where you actully rent an apartment on a monthly basis, you "own" your condominium. But you normally only own the "space you occupy".

As for insuring purposes... An apartment dweller will not be required to carry hazard insurance on an apartment, but will normally carry a "Renter's Policy" or "Tenants Policy" for their own personal property.

A "Condo Owner" normally carries what is referred to as an "HO-6" in the insurance industry. This type of policy insures their space starting with the sheetrock, or interior walls, all the way in, including personal belongings. While the Association carries a "Master Policy" on the exterior of the buildings.

The apartment building owners, are responsible for all property losses to the building.

The outside grounds in a condo complex are normally governed by a Board or Committee comprised of the Condo Owners. Commonly referred to as the "Condo Owners Association". They place, a "Fee" or "Dues", to each of their members to maintain and control the exterior common areas. Which includes mowing of the lawn, maintenace to the exterior such as painting and re-siding, pool maintenance, tennis court maintenance, etc.

In our area here, the Association Fees can be as high, or higher than your mortgage payments on the Condo itself! I looked at a condo complex which had a monthly mortgage of $650.00 per month and a association fee of $550 per month!

There are more details involved but this should give you the gist of the two compared.

Most Condo Owners aren't aware of the many legalities they could become involved in by an injury to a visitor to the common areas. There is a host of possible Liability issues and Errors and Ommission coverages for the Board.

It is not uncommon for a huge settlement to be awarded to an individual for injuries and to have that judgement passed on to the individual owners.

Always read your Agreements prior to any dealings with a Condo Association or Owners Group.

Success and Regards... Mike