24. A recently retired client sold their home and purchased a life lease unit in a cooperative building.

What property policy do they need?

a)

b)

Condominium Unit Owners Policy as this will cover the client's personal property as well as any improvements and betterments in the unit.

Tenant Policy as this will cover the client's personal property as the client holds an interest in the unit but does not own the unit.

Homeowners Policy as a life lease could be a detached house or a row-house as the client is responsible for the repairs to the unit.

Rented Dwelling Property Policy as the client will have to pay a monthly maintenance fee to the cooperative.