Condo owners need two policies to fully protect their investment: a Master Condo Insurance Policy and an Individual Condo Insurance Policy.
Master Condo Insurance Policy
Since your condo shares building structures, such as walls, floors, grounds, with other condo owners these things are insured separately in a Master Condo Insurance Policy. The building management is responsible for this policy and it is typically paid out of the maintenance fees or condo associations dues.
Some Master Condo policies cover the condo units to the extent that they were originally built, which includes standard fixtures such as bathrooms and kitchens. In this case the condo owner would need to insure these fixtures only in so far as they have been altered, such as a remodel.
Other Master Condo policies only cover the bare walls, floors and ceilings, leaving the condo owner to insure plumbing, wiring and permanent fixtures like sinks and cabinets.
It is important you understand the extent of what the Master Condo policy covers in your unique case so you can make sure your Individual Condo Policy properly protects your home and possessions.
Individual Condo Insurance Policy
Your Individual Condo Insurance policy is very similar to Renter's Insurance as it typically covers your personal property, liability and Loss of Use / Additional Living Expenses and excludes the physical structure of the condo.
However, unlike renter's insurance, individual condo insurance is more likely to be required. Condo associations often have by-laws which dictate the minimum coverage the condo owner must secure for their unit. This is to protect the value of the property as a whole.