Condo insurance is for anyone who lives in a condo apartment. The purpose is to provide coverage for personal property and liability in case of lawsuits. The coverage is not for the building or the grounds. It is specifically for the space that you own, and excludes anything outside of your door.
The condo association for your building should have coverage for the entire building, grounds, and all public areas. Check with your association concerning what is covered. They might have coverage for certain things inside your unit like appliances that came with the apartment. In any case, check with them so you can know what coverage you need to purchase on your own.
It is possible that the association has a policy that covers the structure of your condo unit which includes wall and floors. Some policies may protect your structure’s original construction and fixtures, while some might only cover the walls, floors, and ceilings. It can get confusing when you are trying to determine what type of coverage to purchase. But a knowledgeable person within the association should be able to provide the information you need.
As previously mentioned, condo insurance is coverage for your belongings. That includes all of your personal property that is stored inside your living space. But liability is included as well. This is needed just in case someone sues you or requests you to pay their medical bills after they are injured inside your condo.
As for the type of reimbursement you receive, there is usually only actual cash value or replacement cost. Actual cash value provides the current price of your items. But replacement cost does not necessarily consider the current price. It might provide the original purchase price of an item. Whatever the case, make sure to get enough coverage for all of your personal items.