Great answers, best bet contact your insurance agent but I did have a client in a similiar circumstance and one agency said it was a must while she went with another that didn't require it. Wish you the best and if you ever need any help buying, selling or renting feel free to call Jeannette Batsikas 718-635-2421
Most of the time a real condo owns the building and you, as an owner, own the unit itself. We call it owning paint to paint or just the inside wall to the other wall. Check with your condo association to see if they maintain flood insurance on the building and property there.