Condo insurance and co-op insurance are similar. In fact, some insurance companies treat them as being the same thing. After all, the difference between condo ownership and co-op ownership is subtle. The main difference between owning a condo and living in co-op housing is what you own. When you buy a condo, you own your living unit; you’re free to do whatever you like with it. You can rent it out, you can renovate it, you can borrow money against it, or you can sell it. When you’re part of a housing co-op, you don’t actually own your living unit. Instead, you own a share of the cooperative, which grants you the benefit of being able to live in one of the co-op’s units.