What is a true statement about insurance coverage for Condominiums?

The statement indicating that the unit owner is only responsible for insuring personal property is correct because in a condominium setting, the master policy held by the condominium association usually provides coverage for the common areas and the structure of the building itself. Thus, individual unit owners generally need to insure their personal property, as well as any improvements made to their specific unit, but they are not typically responsible for insuring the common areas or the external structure of the building.

The other choices present scenarios that do not accurately reflect the responsibilities of condominium unit owners. For instance, the requirement for unit owners to insure both the unit and common areas misunderstands the division of insurance responsibilities between the individual and the homeowners’ association. Similarly, while unit owners may purchase an insurance policy for structural damages within their unit, stating that the unit owner's insurance policy covers structural damages can mislead one into thinking it covers external or common structures, which it does not. Finally, homeowner’s policies, which are often designed for single-family homes, usually do not provide sufficient coverage for condominiums, as they do not address the unique needs of condominium living.