Condo fees include building insurance but not content. Ask condo board what is included (say a new kitchen if yours burns down) and what is not. Usually you have to insure your own content if you so chose. Many folks chose not to do that. The biggest risk is a small fire contained in your unit or a leaky plumbing line damaging the 3 floors below you, both on YOUR dime. Budget about $400 to $800/year, depending on location, value, deductable and what you wish to exclude.
Repairing an 800 sq ft condo is a bit of a range. Just paint or carpets: Maybe $1500 to $2000. New kitchen, bathrooms, baseboards, lights and all doors, maybe $15,000 to $25,000 depending on quality.
