One little policy does a lot. Don't depend on the master policy to coverage your property. A condominium insurance policy reimburses you for damage to your condo, from the walls in, from a variety of causes. If your condo is totally destroyed or you cannot use it for a period of time, your condo owners policy can provide expenses so you can stay elsewhere or tp reimburse you for lost rental income . The insurance extends to your condo's contents and liability for damage to property of others or injury caused to someone by you or a family member. Your policy can be personalized to include greater levels of protection for important property, home office situations, liability for boat ownership and additions and alterations to the property.