Some by-laws state that the building will rebuild back to spec or as close as they can come to spec. However, any renovations, additions or alterations made to the interior of the unit by you, the current owner, or any previous owners will be your responsibility. In some cases the building takes no responsibility for the interior and you are responsible everything from the "studs in."  You of course are responsible for insuring your personal belongings.

When considering insurance, these are key elements:

• Review the by-laws, offering plan or prospectus to determine the building's responsibility to you and your responsibilities as an owner. Your attorney can help as well as a good insurance broker such as DeWitt Stern.
• Determine the value of your real  property for insurance purposes Think of the unit as a shoe box, Turn it upside down what does not fall out is real property,
• Determine the value of your personal belongings (See our home section for a DeWitt Stern inventory sheet.)

The building covers me for liability, at least?
Not at all. If a guest in your unit is injured it is your responsibility to have personal liability to pay for medical costs or a suit against you.  Many buildings now require that unit owners/share holders provide a certificate of liability.