If you have a condominium in Beacon, NY, you'll need personal Insurance for it. Even though it is your home, homeowners insurance is insufficient. Therefore, you may think that you need a renters insurance policy -- but unfortunately that would leave coverage gaps as well, despite some similiarities. Instead of purchasing a renters policy, you need to obtain condo insurance for best coverage. Here’s a look at the similarities and differences between the two kinds of insurance.