Do I have to purchase Homeowners Insurance if I just purchased a condo in NJ? What are the pros and cons?

What does the Condo Association’s policy cover vs my own Homeowners policy?

What are the pros and cons of selling short sale on a condo?

The complex we live in is full of foreclosure condos and we want out of ours, but can not sell in the current market. We have had it on the market for 3 years but took it off when the housing market went down. Typically you owe more than what the other condos [...]