A condo policy is a type of homeowners policy created to protect a single unit in a multi-unit property where there are shared structural aspects between the units. For example, two units next door to each other may share a common wall between them. Unlike a typical homeowner policy that would cover the entire structure of the property, a condo policy typically only covers the interior of the unit. Shared and exterior walls are generally, but not always, covered by the condo association.