Short answer. If you have any money at all yes. Long answer. The need to buy and the basis of the amount you buy may be specified in your governing documents. Unfortunately some insurance and some management companies do not read the governing documents to determine first whether bonding is required and secondly if so what amounts should be insured. Associations do have difficulty deciding how much to insure for.. Once a year review the limits to ensure they are adequate in the event of a loss.
One guide might be the sum of all the different bank accounts at one moment of time PLUS say 3 months of dues.
Imagine that there was $300,000 in total invested in certificates of Deposit and perhaps a money market account of $35,000 and checking account of $15,000 with monthly dues of $8,000.
My recommended bond would be $374,000 call it $375,000.made up as follows. There are a total of $350,000 in the various checking and savings accounts including the CD’s and 3 months of dues would be another $24,000. This is a formulaic suggestion. Someone else might choose a different number based on other factors.