Condo Insurance Homeowners claims related to wind or hail are the most frequent; the costliest are related to fire and lightning.* If you are looking to buy a condo, the homeowner association or management company may require condo insurance. Policies will depend on both the amount of coverage and the deductible or the amount that the policyholder must pay before the insurance coverage kicks in. Less coverage and a high deductible will result in lower premiums while more coverage and a lower deductible will result in higher premiums. The ideal balance will depend on your home and needs.There are two forms of condo insurance - master policies and unit policies. Master policies generally cover the building itself, and some policies cover unit items such as appliances, carpeting, cabinets and others. The second form, unit policies, may include liability coverage, personal items, and loss of use.*“Homeowners and Renters Insurance.” Insurance Information Institute. February 2015.