There is a significant coverage gap between a condo association's insurance (Master Policy) and your personal condo owner insurance policies. The condo association usually covers the common areas you share with others in your building such as the roof, basement, elevator, boiler, or walkways for both liability issues and physical damage, but does not cover much else. Condo owner insurance covers a condo owner for direct damage to personal property, personal liability coverage, and medical payments coverage as outlined in the policy. It may also provide additional living expenses if you are the victim of fire, theft, or other loss listed in your policy.