If you own a condo, you are responsible for insuring the inside of your unit, including personal possessions. This type of insurance covers the part of the building that you own. It insures the interior walls, flooring, built-in cabinets, carpets etc. It also provides protection for your personal property such as clothes and furniture. This policy includes liability coverage in case someone visits you and slips and falls on your property or if your dog bites your guest. There are also optional coverages that may be added to your condo policy such as extended coverage on jewelry, identity theft recovery, coin collections and many more.