Home insurance and condo insurance serve distinct purposes. While homeowners need insurance to protect their entire property, condo insurance is essential to safeguard individual units and personal belongings, along with offering personal liability coverage. Condo associations typically hold a master insurance policy that covers shared areas and the building's structure. As a condo owner, you are generally responsible for everything within your unit's walls. For instance, the master policy may cover the drywall and primer, while your condo insurance would protect the paint you apply to the walls. Having condo insurance ensures comprehensive coverage tailored to your specific unit and belongings, offering peace of mind for condo owners.