The Insurance Needs of Condo Associations | Condominium complexes usually have their own sets of rules, and often their own associations for owners. According to the Community Associations Institute, approximately 69 million Americans live in some type of community association; including condo associations, which represent between 42 and 45 percent of the total association residents. Condo associations play an important role in the lives of members, especially when it comes to ensuring the financial stability of the community. Not only is a condo association responsible for the appearance and well being of the community it serves, it also bears the burden of many, if not all, of the risks.