In some sets of townhouses, the HOA takes care of a portion of the insurance. In others, you're on your own. So it's important to ask what the policies are and what you'll need to do to insure your stuff should the worst happen. Whether they're covering it or you are, you want to make sure your belongings and your dwelling are protected should something awful occur.
Look into what types of disastrous situations are covered. Is flood damage on the list? How about harm from earthquakes? If the tectonics or the water table in your area are a bit fussy, you'll want to be protected, and those sorts of policies are often above and beyond the standard coverage. It's worth consulting your insurance agency to find out the specifics on your policy and beefing it up if you need to.