As mentioned, most everything besides the actual walls on the inside of your condo will not be covered with the master policy; so you will have to pay out of your own pocket to replace such things as cabinets, toilets, bathtubs, and other fixtures. It also covers a myriad of other things like Patti mentioned--medical liabilities, damaged fixtures and material, etc.
Also if you're thinking along the lines of condo insurance, also consider getting earthquake insurance. If your complex is on the large side, they will most likely already have a master earthquake policy as well to build the complex back up in the case of an earthquake. But again it will not cover anything besides the very basic, which are essentially the walls of the unit. You will still be required to pay for the replacement of cabinets, fixtures, etc., and in earthquake cases your condo insurance will not cover the expenses to replace or rebuild anything. You will be required to have earthquake insurance in order to cover that damage. Just as a forewarning, earthquake insurance is pretty expensive and doesn't cover a whole, whole lot when it comes to rebuilding.