In most cases, condo insurance is not mandatory by law, but it is often required by mortgage lenders. While there is no legal requirement for condo owners to carry insurance, it is highly recommended to protect their investment and personal belongings. Condo insurance typically covers personal property, liability, and improvements to the unit. Additionally, the condominium association's master policy usually covers the building structure and common areas, but it's essential for individual unit owners to have their own insurance to fill in any coverage gaps. Therefore, while not legally mandatory in most cases, condo insurance is a crucial aspect of responsible condo ownership.