If you live in a condo, you may be mistakenly relying on your homeowners association's (HOA) coverage for most risks. In reality, though, most incidents that take place within your unit are up to you to have coverage for.
Damage to your unit
If a common area in your building is damaged, your HOA is responsible for the repair bills. But if a covered incident wrecks your unit's interior, it's up to you to pay for any damage. Luckily, condo insurance covers damages to your unit stemming from a wide variety of causes (like fire or certain types of water damage).
Theft and liability protection
In the event of a burglary, condo insurance helps pay to replace your stolen belongings. And if you accidentally damage someone else's property (or someone else, period), condo insurance helps cover your legal fees if you're sued.