If you have purchased a condo or co-op, the bank will require insurance to protect its investment in your home. You may, however, need more insurance to cover your personal items, liability or fees that may be charged to you regarding shared areas of the building such as the lobby, roof, etc. Plus, your condo association may not be responsible for providing you with temporary living quarters due to a loss. Your personal policy is designed to protect your interests!
Two separate policies will most likely be in force in order to properly protect your investment: