Im waiting to close on a condo in NY. The realtor says i don;t need to get homeowners insurance because the building the condo is in, has its own policy that part of my maintenece fee goes to. someone suggested still getting condo insurance. can anyone please help me out with a description of what this is?

Basically an insurance that covers your belongings. ASSUMING that your realtor is correct (I'd check) that the complex has insurance that pays off YOUR mortgage in case of fire or other destruction.

condo insurance would be the same as apartment insurance. This would protect your belongings and personal property. If say, there was a fire, or flood, the building already has insurance to cover damage done to the structure (compared to homeowners insurance), however, any damage done to your belongings would not be covered. condo/apartment/renters insurance fills this need, and is typically quite inexpensive (10$/month per $10,000) would be a ballpark estimate.

You can still get contents insurance, not condo insurance. The building is covered already, but everything within your condo walls is not. it's very cheap and well worth it. http://www.choicerealestate.net/montgomery-county-md.php