If you live in an association-managed condominium, you share ownership of common areas with all the other owners. This includes your home's exterior, the swimming pool, elevator, courtyard, gym, etc.
These spaces deteriorate over time because of regular wear and tear. But, sometimes, they can get damaged because of unforeseen accidents and events. That's why every condo association needs a full-proof insurance policy to cover the costs of refurbishments and repairs during times of crisis.