It's easy for condo owners to dismiss the importance of purchasing a private homeowners insurance policy for their condo, believing that their condo association's insurance policy should be sufficient. While it's true that most, if not all, condo associations have a homeowners insurance policy on their property (the ones that plan on staying in business for a while, anyway), that insurance policy only goes as far as the common areas and the exterior walls. Once you move beyond that into the private units the coverage stops, and condo owners are responsible either for 100% of their insurance coverage or 100% of the damages.