When you own a condo you, not your condo association, are responsible for what is inside. Your condo association likely has insurance covering only the common areas and grounds of your condominium complex. You are responsible for insuring your individual, personal interests within your unit. You will need both personal property and liability insurance. If a slip and fall or fire occurs inside your condo, you’ll need the protection.
Most condo owner policies offer the following important protection: Personal Property Coverage, Personal Liability Protection, Additional Living Expenses, Additions and Alterations, Loss Assessment Coverage.