Your insurance needs in a condominium should be closely examined because they are different from your needs when owning a traditional home.  In a condomiunium, you own your own unit and an undivided interest in the common area.  Make sure you have coverage on both. 

The condominium master policy should protect you against loss of common property by fire and other hazards.  The condominium association should also carry a policy to protect the shared property for which the association is responsible, such as recreational amenities, community walkways, and parking areas, from liability suits that may be the result of the use of the common areas as well as the acts of the association or its officers. 

Association insurance policies do not cover your individual unit and personal possessions, so you should have a policy that protects your unit and any individually owned property against fire and other hazards, and personal liability.

Even though the common property is directly owned by the condominium association, the insurance covering it is important to you as an individual unit owner.  If the condominium associations’s coverage is inadequate to cover damage from a loss, the difference will have to be collected from all unit owners through a special assessment. 

Analyzing the master condominium association insurance program-  link to Insurance Primer for Associations

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