Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it's important to ask the right questions to ensure you have proper insurance coverage. Typically, your association has a master policy that insures all of the property and common areas that are collectively owned by the unit owners.
There are 2 types of master policies:
Condo insurance provides coverage for the inside of your condominium. Such as interior walls, appliances, personal property and valuables. Condo Insurance is very affordable and typically required by most associations.