It is totally worth it. I had a condo in LA that was broken into several times, my bicycles were stolen, I had a flood and we had the big Northridge quake. The combination insurance package for contents, comprehensive and quake coverage insured and covered all of this. In addition, there was a liability portion to the comprehensive so if someone was hurt in my condo or held my liable for injury outside my home, I wouldn’t be sued and lose everything.

condo insurance is cheap and important protection for you to have to protect yourself and your family.

ABSOLUTELY
Get a RENTER’S insurance policy. Depending on the value of the contents in your home, its really only a couple hundred dollars for an entire year. This policy will cover the contents of your home in clase of fire, flood, etc. But MORE IMPORTANTLY, it will pay for you to live in an apartment (rental reimbursement) in the event that your condo building is partially/fully destroyed and you need to live somewhere else while it is being fixed.
I learned this the hard way after Hurricane Wilma in 05, we owned a condo unit but did not have renter’s insurance. The roof was ripped off and the building was destroyed. The condo’s insurance policy will eventually fix the building and the roof but that’s where it ends. In other words, your mortgage company will still demand payment even if your building is condemned (which ours STILL is). They may work with you for a little while, but if the work on the unit takes too long, they will make you pay your mortgage, even though you are temporarily paying to live elsewhere, so there you are, basically making two housing payments each month for who knows how long! In our case, the condo docs allowed the association up to one year to BEGIN working on the unit, but did not specify a time in which they had to FINISH the work. So here we are 2 1/2 years later with the building still condemned… Save yourself the risk of loss (money down the drain, foreclosure…) and just pay the $300!