Mexico condominium and apartment units are very popular among foreigners. The main reason for that is the added benefits included with owning a condo unit. Services such as maintenance, property management, utilities, security, etc. are all things that you normally do not get when purchasing a stand-alone home.
Ideally all condominiums should have a master policy covering the exterior of the structure, common areas, outdoor constructions, liability, and possibly many other things. However, this is not always the case. Sometimes there is no master policy at all. Sometimes the policy may cover the structure, but because the hurricane/severe weather coverage is expensive, they will exclude that coverage.
When possible, obtain a copy of the master insurance policy. The administrator must provide it to you, as that is part of what your annual fees are paying for. With a copy of this policy you can see for yourself what you are covered for, and we can act accordingly to issue a correct master policy, and your individual policy based on that.