Which type of property is covered under homeowners policies?

Homeowners policies are designed to provide coverage for various types of properties connected to a residential dwelling. One important aspect of these policies is the coverage they extend to personal property owned by the insured, which includes items utilized for personal use, so long as these items are located on the premises.

When it comes to business property, homeowners policies typically allow for some coverage of business-related items if they are contained within the home and used for the insured's business purposes. This means that business property can indeed be covered while on the residence premises, as homeowners policies often provide a limited amount of coverage for items linked to a home-based business.

The other options do not fit within the standard coverage scope of homeowners policies: the land under the residence is generally not covered, tenant-related property is not included as it belongs to individuals not related to the insured, and losses due to off-premises power failures typically fall outside the liability of these policies. Thus, the inclusion of business property while on the residence premises clearly aligns with the broader intent and coverage framework of homeowners insurance.