There's a clear distinction between building and unit insurance when we're talking about condo insurance. The way the law works protects this dynamic: the building owner or manager will be covered by the insurance that protects the entire property, but notably, this does not extend at all to individual units, no matter what reason or how many there are. The insurance that condo tenants need because of this is called an H0-6 policy. There are different kinds of condo insurance, and they have additional coverage for all types of things. Hazard insurance for a condo can cover liability and protect you from lawsuits from other people. It generally also protects you from theft and vandalism. It also covers 'natural perils'--things like a storm or a fire or lightning that occurs with the tenant being unable to do anything about it. This doesn't mean it covers flood insurance because, in most places, that's separate. You'll need an additional policy for that.