Condominium Unit Owners Insurance needs are different than a typical homeowner due to that in a Condominium Association there is a Master Insurance Policy which typically covers the basic building(s), walls, roof, floors and elevators. Most policies leave the responsibility to you the condo unit owner to insure appliances, carpeting, cabinets, wall coverings, personal belongings and in some circumstances the interior walls. As well additions or alterations made by you at your expense to your condo may not be covered by the Master Policy. If you the condo owner have added a better quality of carpet than originally installed this extra expense possibly may not be covered by your Master Policy. If damage to your unit does not exceed the deductible of the Master Policy again you may not be able to recover your loss from that policy.
Liability is another important coverage on a Condominium Policy written separate from your Master Policy. This coverage covers you for property damage or any bodily injury that you the condo unit owner may be found at fault for. For example should you have a fire in your condo unit and it spreads to your neighbors unit you may be sued for the damages and any personal injury that occurs. Without liability insurance you would be responsible to cover those expenses on your own.
Whatever your Condominium Master Policy covers you should review it and ensure you have a separate condominium policy in place to cover any gaps in the Master Policy.