Condominium insurance, which of the following is CORRECT?

• A. The Condo unit package does not insure contents.
• B. The Condo unit owner must buy insurance for their part of the building's common elements.
• C. The Condo Corporation does not own the land where the building is located.
• D. The Condo unit owner owns the space inside the unit, the contents and improvements by the owner.

Answer: (D)

Condominium insurance relies on two levels of ownership and coverage: what the unit owner controls inside their space, and what the corporation controls as common elements. The unit owner owns the space inside the unit, plus their personal contents and any improvements they’ve made. That’s why this statement is correct: the unit owner is responsible for insuring the interior, their belongings, and owner-made upgrades.

The condo corporation, on the other hand, holds the master policy for the building’s common elements and the land, so unit owners don’t insure those shared parts themselves. Statements suggesting the unit package excludes contents, requiring the unit owner to insure their share of common elements, or that the corporation doesn’t own the land, don’t align with how condo insurance is typically structured.