Final answer:
The correct answer is d) The Condo unit owner owns the space inside the unit, the contents, and improvements made by the owner. This statement accurately reflects the insurance responsibilities of a condo unit owner, as they need to insure their personal space and belongings.
Step-by-step explanation:
Regarding condominium insurance, which of the following is CORRECT?
d) The Condo unit owner owns the space inside the unit, the contents, and improvements made by the owner.
This statement is correct regarding condominium insurance. The condominium unit owner is typically responsible for insuring the inside space of their unit along with their personal belongings and any upgrades or improvements they have made to the unit. The condominium association generally carries a master policy that covers the exterior and common areas of the building, but it does not usually cover individual units' interiors or contents.
By contrast, a) is incorrect because the condo unit package usually does insure contents belonging to the owner within the unit. b) is incorrect because, while the unit owner may be responsible for a portion of the insurance for common elements, this is often included within their condo fees and managed by the condo corporation. c) is not usually relevant to insurance concerns; whether the condo corporation owns the land can vary and does not necessarily impact the insurance responsibilities of the unit owner.