As an owner of a condominium, you are also a member of your condo association. As you probably are aware, the association carries insurance on the basic structures and property. Chances are, though, association insurance does not cover the interior of your unit.

If your building was damaged, you'd find that everything from the framing inward - including wall finishings, appliances and fixtures, household goods, perhaps even the plumbing and heating - is your responsibility. Condo policies can fill in the gaps, covering personal property, building additions and alterations, physical damage to property of others and additional living expenses.