Registered Insurance Brokers of Ontario (RIBO) Practice Exam

The primary requirement to qualify for a Comprehensive Homeowners policy is that the owner must live in the dwelling. This requirement reflects the intention of homeowners insurance, which is designed to protect the personal property and liability risks of those who occupy the home. When the owner resides in the property, it ensures that the policy is aligned with typical use and occupancy, which can influence the overall risk assessment for the insurer.

Living in the dwelling signifies a commitment to the upkeep and maintenance of the property, which can reduce the risk of damage or loss. Insurers also factor in the lifestyle of the policyholder, understanding that homeowners are more likely to take proactive measures to protect their home. This condition ensures that the insurance coverage is appropriate for the lifestyle and needs of the policyholder, directly affecting the policy's risk evaluations and terms.

The other considerations, such as the property's age, its valuation, or the owner’s claims history, are important factors in determining coverage and premiums but are not as critical as the requirement of the owner residing in the property.