Registered Insurance Brokers of Ontario (RIBO) Practice Exam

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According to homeowners policy standards, what does "Property Damage" refer to?

  1. Only damage to physical property

  2. Physical damage and destruction of intangible property

  3. Physical damage to tangible property only

  4. Destruction of personal belongings

The correct answer is: Physical damage to tangible property only

"Property Damage" in homeowners policy standards specifically pertains to physical damage to tangible property. This includes structures such as homes, garages, fences, and personal belongings that have material existence. The focus is on the physical aspects that can be visibly damaged or destroyed, which aligns with standard insurance terminology. Choosing the other options would not capture the full scope of what is considered "Property Damage" under these policy standards. For instance, limiting the definition to damage to physical property excludes necessary distinctions made in insurance terms. Although the mention of intangible property and destruction of personal belongings could seem relevant, they do not accurately reflect the narrow definition used in homeowners policies, which emphasizes the physical damage to tangible items. This focus ensures clarity in coverage, claims processing, and determining liability.

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