Unlike a typical dwelling, where you have to insure the outer walls and the roof, with a condo policy you can insure the building for a value much less than the property’s value. You are only responsible for your personal property and the drywall in. Customers are usually surprised that the premiums are so affordable, and they have to be reminded that so much of what makes up a condo’s value is its urban setting as well as the outer walls that are owned by the association.