Condominium buildings are generally covered by a master policy in which the condo associations purchase it. But, that policy cannot cover the loss and damage you have inside your individual condo. It is only for the general and communal areas as well as the employees. Your condo insurance will protect your personal condo unit.
The policy will cover your condo from loss caused by robbery, fire, vandalism or water damage such as burst pipe. This includes objects like floors, windows and doors, interior walls, permanent fixtures, etc.
The policy always offers the condo owners mental peace they are looking for. It helps them to realize that despite the fact that their condo is a small part of a large building, it is as safe as a single-family-home which is insured.