This type of policy covers the building itself, but does NOT cover the contents of your individual unit or your living expenses, should you be unable to remain in your unit after a fire or other event. It also may not cover the new kitchen upgrades you or a previous owner may have installed.
It is important that you obtain condominium owners or renters insurance from your insurance carrier. The appropriate type of policy is called a H06 (Condo Owner's Policy). It is relatively inexpensive, particularly compared with losing your possessions. The policy you purchase can include coverage for your living expenses. More detailed information about insurance is available in the on-site office.
Landlords should also make sure their tenants obtain renters' insurance to cover their possessions. Unfortunately, residents discovered this the hard way in a fire in 2003, which destroyed one unit and damaged others in the same building.