RIBO Exam Practice 2025 – Complete Prep Resource

Homeowner's insurance policies are designed to provide comprehensive coverage that typically includes both property and liability aspects. Property coverage protects the physical structure of the home and may also cover the personal belongings within it, while liability coverage protects the homeowner against claims for injuries or damage to other people or their property that occur on the insured premises.

The other options do not accurately reflect the nature of homeowner's insurance. They might suggest that homeowner's insurance has limitations or conditions that are not generally true. For instance, homeowner's policies are not standardized across all provinces due to differences in local regulations and market practices. They do not solely focus on structural damages; rather, they extend to a broader range of risks, including personal property and liability. Lastly, personal property is indeed covered in these policies, making the statement regarding their exclusion inaccurate. Thus, the correct answer highlights the inclusivity and comprehensive nature of a homeowner's insurance policy.