Condo insurance usually costs between $150 and $200 a year. If your corporation has a "Standard Unit Bylaw", ask for it at the management office, that will tell you what is already insured by the corporation as a common element within your unit. What is on that SUB list, the corporation will (eventually) repair or replace at no cost to you, but please realize that you will get standard builder grade repair or replacement, so if you unit has a granite countertop and the SUB says "builder grade" on it, you will have your ruined countertop or cupboards replaced with formica or something equally low-budget. Check and compare what you have in your unit to the SUB. Also ask for the corporation's "Certificate of Insurance", that will tell you what the corporation deductible is for each type of damage, like flood, fire, earthquake, etc. Deductibles vary, in newer buildings they are very low, in "mature" problem-ridden buildings, they can be many thousands of dollars.
Make sure that you get zero deductible on both the corporation's various deductibles for common elements damage within your unit and other units you might damage, and on your own unit owner policy. Your unit policy should cover your personal possessions and any improvements in your unit that are better quality than what is on the Standard Unit Bylaw. Also get third party liability on your unit policy. Also make sure it covers your hotel and food if you have to leave your unit because of damage. Do I sound paranoid? I have seen everything.
Many new buildings do not have the administrative systems in place to give owners the details they need to buy insurance. There is another thread somewhere here about insurance.