Looking for the right Condominium Insurance: how shared liability works  
Buying home insurance for condominium units is a bit different from purchasing home insurance for a single, detached home. For one thing, ownership and liabilities in a condominium is structured differently. There are spaces in the condominium like the pool and the function rooms that are considered common to all tenants. On the other hand, there are spaces that are exclusively owned by a tenant for a specific number of years. 

Compared to conventional home insurance policies, condominium home insurance is sold cheaper upfront. This is because in any event that a part or the whole of the condominium is damaged, all tenants currently living in the building is held liable.  

In other words, you’re basically sharing the insurance premium of the entire building with other families and individuals residing in the place. Condominium ownership, in this aspect, comes midway between owning and renting a place. While you have full title to your condominium unit, you don’t hold rights to the land itself.  

Incidentally, because you only own a part of the building, you also pay for smaller insurance premiums compared to the conventional home owner. 

When is damage not insurable?  
The biggest risk in owning a condominium unit is probably an earthquake. In any event that an earthquake hits the area you’re living in, there’s a high probability that your high rise will topple down. While you might be safe from flooding problems because you’re on the top floor, you’re at the greatest risk when it comes to an earthquake.   

While there’s no getting out of an earthquake risk, you can insure your condominium unit and its contents from fire, flooding caused by faulty plumbing, and theft. Insurance companies are usually more forgiving for condominium units with proper safety equipment.
  
If your condominium is also known for its high security, you can also expect lower theft insurance premiums. As a tenant, you should also make sure that you take proper precautions against theft and/or robbery. Put important documents inside a safe if you can’t deposit them in a bank. You should also be responsible enough to lock all doors and windows when you leave your condominium unit alone.  

While insurance premiums are there to save you from expenses during accidents, they cannot pay for damages which you caused on purpose.  

Documenting the contents of your condominium unit 
If you own a lot of valuable artifacts, and you’re afraid that the tight building security is not enough to protect your properties, you should keep a well-documented record of everything that you own.
  
Video recordings and a written list complete with descriptions should make your claims valid under the rule of law. Make sure that you don’t underinsure or over-insure the contents of your condominium. Underinsuring can leave you uncompensated for a majority of your loss, and over-insuring can make you spend more on items that are not really worth it.  
You should also prepare proofs of ownership for artifacts that are very valuable to you. You cannot insure smuggled of stolen goods in any insurance company.