While your homeowners association (HOA) coverage insures your building and common areas, it doesn't extend to your personal belongings or anything inside your unit. Here are some reasons why it's a good idea to purchase your own condo insurance.
Damage and theft protection
Say your condo is burglarized or there's water damage to your living room walls (or both). In either case, you might wish your HOA would take care of the bill, but they're both your responsibility. Condo insurance covers theft and damage though, so you don't have to worry about paying to replace your items or repair your home out of pocket.
Coverage for your personal liability
Say you set out to enjoy the Cherry Blossom Festival with your family one day but you or someone in your family accidentally injure another festival goer. It's a sad reality, but a costly lawsuit and potential medical bills could wipe out your savings. Fortunately, your condo policy helps cover the injured party's medical bills and your legal fees.