If your condo unit has been vacant for more than 30 consecutive days, condo insurance may not cover the damages that the property may incur in your absence. An unoccupied property is considered to be at higher risk of damage by insurers because issues may not be addressed immediately. Thus, if you plan on staying away from your condo for more than a month, you will need vacant condo insurance, which might be an additional cost, but is still a better alternative than having no insurance at all. Mortgage lenders often require the homeowners to purchase an H06 insurance policy for their unit to protect their financial interest during your loan. While Condo associations may already have their insurance, and your contribution to it may be obligatory, having your insurance for your unit is essential, too.