If you have the traditional condo insurance, it doesn't cover the outside walls. It only covers drywall in because you do not own the structure, the HOA does. That being said, something like this gets claimed on the master condo policy, not your personal condo insurance. Some personal condo insurance policies have a provision where they will reimburse you if you are assessed for damages through your HOA, however I believe it's an optional coverage so you may or may not have it.
So to simplify it, all the outside repairs ( drywall out) should be covered by the master condo policy your HOA carries, all the inside repairs get covers by your condo insurance which might also have coverage for assessements. Call your agent to find out what coverages you have
Andrew and Elena Ollick
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