Is Homeowners Insurance Needed For A Condo? 
There is a specialized form used for condominiums . Lenders require that the condo be insured to protect their interests . The trick is to coordinate the association policy , which covers the building and the condo policy which covers everything inside the external walls . So if a mortgage company loans $ 400,000 on a condominium they want to know that the building will be replace in the event of a covered loss and that the interior of the condominium will also be replaced . 