Registered Insurance Brokers of Ontario (RIBO) Practice Exam

In terms of Condominium insurance, what does the condo unit owner own?

1. Only the exterior of the building

2. The space inside the unit, its contents, and owner improvements

3. The common areas of the condominium

4. Only the land on which the condo is built

The correct answer is: The space inside the unit, its contents, and owner improvements

The correct understanding of what a condominium unit owner owns is centered on the space inside the unit itself, along with its contents and any improvements the owner has made. This reflects the typical condominium ownership structure where the individual unit is considered private property, typically encompassing the interior walls and everything within, such as appliances, cabinets, and personal belongings. Additionally, any modifications or upgrades that the owner executes, like flooring or fixtures, are also owned by the unit owner. The other options do not accurately reflect condominium ownership. For instance, owning only the exterior of the building does not align with a unit owner's rights, as that area is generally part of the shared or common elements managed by the condo corporation. The common areas of the condominium are not owned by the unit owner but rather collectively owned by all the unit owners, meaning individual owners do not have ownership claims over these spaces, only the right to access them. Lastly, the land on which the condo is built is typically considered part of the common property and is maintained by the condominium corporation as part of the overall property management, further clarifying that individual unit owners do not have ownership over the land itself.