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:
Bare walls-in - Covers all real property from the exterior framing inward, but does not cover the fixtures and installations within the condo unit. So, things like granite countertops, bathroom and kitchen fixtures, and the flooring are not covered by the master policy.
All-in - Covers fixtures, installations or additions within the interior surfaces of the perimeter walls, floors and ceilings of individual units.
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.