Condo insurance is similar to renters insurance. It helps to cover against losses and repair costs for a condominium unit. Condo insurance often provides protection for theft, vandalism, fire damage, water damage, and more.
Even if your condominium association has insurance, it is still a good idea to get your own insurance policy, because their insurance might cover what happens inside your unit. Their insurance policy might not cover things like a break in, water damage to your living room walls, or someone injuring themselves slipping inside your home.