Even though the owner of the condo or co-op has insurance on their building, their coverage won't do much to protect your investment. In order to protect your investment in your condo and your own personal possessions, you will need to have your own policy in place. It will ensure that your financial investment is secure, and you will have the resources you need to relocate. Just because you don't own the building your condo is located in doesn't mean you shouldn't protect your home with a quality condo/homeowners insurance policy.