Commercial condo insurance is the “master policy” of your condo corporation. This insurance policy typically covers the entire condo building, inclusive of its common properties like a gym or walkways and any required renovations and upkeep. Depending on your condo corporation’s agreement, you may have to pay a deductible to the corporation in the event of an accident involving your unit. Personal condo insurance, on the other hand, is the condo insurance that you can personally purchase as a unit owner. This typically covers your unit, belongings, improvements, and any personal liability in the event of loss or damage due to covered risks like property theft or fire.