Which statement regarding the Condominium Unit Owners Form (IBC 1132) is INCORRECT?

The Condominium Unit Owners Form (IBC 1132) is designed specifically for individuals who own a unit within a condominium. This form typically provides coverage for various aspects of the unit owner’s insurance needs.

The assertion that the form "covers only personal property" is incorrect because it actually encompasses more than just personal property. In addition to protecting personal belongings, the form also provides coverage for improvements and betterments made by the insured, thereby recognizing the financial investment condominium owners may make in their units. This could include enhancements to the unit that may not be included in the standard coverage provided by the condominium corporation's insurance policy.

Moreover, it includes coverage for personal property within the unit, ensuring that both the unit and its contents are comprehensively protected. Thus, the notion that the form is limited to just personal property does not accurately reflect the full scope of coverage offered under the Condominium Unit Owners Form.