If you think insurance for your condominium is covered by your association fees, think again. Typically, your monthly condo fees are used to fund a building insurance policy. This generally provides coverage for perils outside of your unit like the buildingâ€™s structure and covers liability if someone is hurt on the property outdoors. Â
But if your unit is robbed or damaged, building insurance will not provide coverage for your personal possessions. You also donâ€™t have protection from personal liability if someone is injured inside your unit. To protect your belongings and yourself, you need to purchase a personal home insurance policy for condos (called an HO-6).