Arizona Adjuster Practice Exam

Which of the following best describes "residence premises" under a homeowners policy?

1. A rental property

2. It is where the insured lives full- or part-time

3. A temporary residence

4. A property owned by others

The correct answer is: It is where the insured lives full- or part-time

The term "residence premises" under a homeowners policy is defined as the location where the insured lives, whether full-time or part-time. This description encompasses the primary home and also includes secondary or seasonal residences that the insured may occupy. Understanding "residence premises" is important because it directly impacts the coverage provided by the homeowners policy. For instance, coverage generally applies to the personal property within these residences and any liability associated with their use. Furthermore, the specific coverage details and terms, such as protection against loss or damage, are often confined to these designated living spaces. Other options do not align with this definition. A rental property does not qualify unless it is considered the insured's residence, while a temporary residence would not typically receive coverage unless specified in the policy for transient living situations. Properties owned by others would not fit the definition of residence premises as they are not under the control or ownership of the insured.