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Condominium associations -- according to the governing documents written for that community -- are generally required to insure the real estate assets owned in common by all owners. In addition, the association may be required to -- or may choose to -- cover catastrophic losses of these assets based on earthquake and/or flood. Finally, again, this is spelled out in the CC&Rs, directors and officers insurance may be required or highly recommended.
Individual unit owners are well advised to insure their contents and include assessment coverage insurance in case the unit is uninhabitable. (Your assessments will still become due and must be paid.) This policy is commonly known as an HO-6 policy.
Work with your board so that the association's master policy and individual unit owners' policies dovetail in coverage, so there is no overlap, and there are no gaps.
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