Last night's fire at downtown's Gramercy Park condos on Lyon Street underscores the necessity for condo owners to carry their own insurance policies, specific to their unit and possessions:
While condo fees include "building insurance", this is usually a Master Policy that covers the basic structure (walls, roof, floors) and common elements such as elevators or a parking garage. Depending on the condominium, a Master Policy may or may not extend to the interior of each unit to cover appliances, carpeting, cabinetry, flooring, etc.
An owner's condo policy can insure not only the interior of your unit and your personal possessions, but the value of any improvements you've made, such as installing new counters, hardwood floors or kitchen cabinets. Some policies even go so far as to protect an owner against any assessments as a result of inadequate insurance on the building. Keep in mind that as a condo owner you are sharing in any liabilities incurred, should your condominium corporation ever be sued for damages.
A number of insurance companies offer policies specifically designed for condo owners and it is well worth the time to research various options. Some links to get you started:
And finally an excellent legal blog talking about condo insurance: