Condo owners are responsible for the personal space they live in, which can work much differently than homeowners insurance. Whereas homeowners are responsible for insuring the inside and outside of a home (as well as the land it sits on), condo insurance typically requires owners to insure the interior of their residence. Condo owners do not own the entire condominium complex, the land the condo sits on, the condo’s building structure, and the buildings common areas, which are all shared by the collective group of condo owners. From an insurance standpoint, individual unit owners typically pay a monthly fee to their homeowners association (HOA) to assume responsibility and cover these common areas.