It depends on how broad you want your coverage to be. All perils coverage protects your belongings against a wide range of hazards, and any coverage exclusions will be explicitly listed in your policy. Named perils coverage only protects your belongings against the most common types of hazards, which will be clearly listed in your policy. All perils condo insurance costs more but gives you a much broader range of coverage. If a major disaster damages your condo, you'll be able to fall back on your all perils plan, which will replace your belongings.