Which type of property is covered under homeowners policies?

Homeowners policies typically cover a variety of personal property, including business property that is on the residence premises, as long as it meets certain conditions and is within specified limits. This coverage is beneficial for individuals who may operate a small business from their home, like a home office or a craft business, allowing them to have protection for this business-related personal property.

Under homeowners policies, the primary focus is on the personal property of the insured, which extends to business equipment and supplies located on the property, provided they are used for business purposes. Coverage may vary by policy, but many standard homeowners' policies include provisions for business property to protect against perils such as theft, fire, or other damages.

The other options involve areas typically not covered by standard homeowners policies. For example, the land itself is not covered under the policy; rather, the structure and the contents within it are the main focus. Items owned by tenants or boarders, as well as losses due to power failures occurring off the premises, are also generally excluded, reflecting the specific scope of homeowners insurance which prioritizes the insured's property and the structure itself.