Condo insurance fills the gaps of what your association doesn’t cover. Your association carries a master policy that covers the common areas, the property on their premises and the physical structure of your building. However, these master policies do not cover your personal property, customizations to your unit, injuries that may occur at your place nor lawsuits that may arise. You also have the option to include loss assessment coverage which provides reimbursement for extra fees assessed by a condominium association.