If you own a condo, you have different insurance needs than the typical homeowner. Not only do you own your individual condo, you also share ownership in the common areas and overall structure of your building. If shared areas need upkeep and maintenance, your association will typically handle the expense through their insurance package. Although your association dues help pay for upkeep of the common areas, they do not typically cover your personal property within your own unit, or your liability if someone is injured on your property.