Registered Insurance Brokers of Ontario (RIBO) Practice Exam

Question: 1 / 475

What item has no limitation on the amount payable under a homeowner's policy when damaged by fire?

Furniture

Jewellery and furs

The correct answer is that jewellery and furs typically have no specific limitation on the amount payable under a homeowner's policy when damaged by fire. In many homeowner's insurance policies, personal property such as furniture, electronics, and artwork often has monetary limits or sub-limits for specific categories. This means that although these items can be insured, there are maximum amounts that the insurer will pay in the event of a loss.

On the other hand, jewellery and furs might be covered differently, as many policies offer broader coverage without limiting the payout, especially if specific endorsements or riders are not included in the policy. However, it is important to read each policy’s details since additional limitations might apply, or separate coverage may be necessary for high-value items.

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Electronics

Artwork

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