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Your landlord has insurance for your building; however, contrary to common belief, his insurance does not extend to your personal property. Renters insurance is very affordable and will save you from the cost of having to replace damaged or stolen property. The average renters insurance premium is $187.


The Renters policy is a combination of property and liability coverage’s. The Renters policy is tailored to meet the needs of a tenant. The following is a basic outline of the Renters Policy and the additional coverage’s most widely used on the Renters t policy.

The Renters policy provides coverage for a tenant of a single family residence or a tenant of an apartment. The policy focuses on loss to personal property and loss to additions. Coverage for legal liability is also included. The Renters policy does not include coverage for the dwelling and other structures because a tenant does not have an insurable interest in the building. However, the Renters policy provides coverage for building additions and alterations made by the tenant. Personal Property is covered against direct physical loss caused by a specified peril. In addition to the coverage’s provided under Section I of the policy, additional coverage’s are included for debris removal, fire department service charges, loss assessment charges, reasonable repair charges, and property removal charges. Payment is also made for loss involving credit cards, forgery, and counterfeit money. The additional coverages are included to provide additional protection in the event of certain peril losses. All additional coverages are subject to certain limitations and conditions.


Personal Property

This is the primary limit of insurance coverage for the Renters policy. Coverage C provides worldwide coverage for personal property of the insured. Special limits apply to some types of property, and some types of property are excluded from coverage. The insured selects the limit of coverage which is determined by the value of personal property owned.


Loss of Use

Coverage D applies if a peril insured against under Coverage C makes the residence unsuitable for living. Payment would be made for expenses incurred to live elsewhere following the loss. The limit for Coverage D is 20% of Coverage C.


Personal Liability

Section II of the Renters policy provides liability coverage for personal loss exposures. The insuring agreement under Coverage E provides liability coverage if a claim is made or suit is brought against an insured because of bodily injury or property damage. Coverage is provided for the named insured and members of the insured's household who are relatives. Personal Liability has a basic limit of $100,000 per occurrence. The insured may increase this limit for an additional premium. In addition to the basic limit, Coverage E also provides additional coverage for expenses such as defense cost, expenses incurred providing first aid to others, damage to property of others and loss assessment charges.


Medical Payments

This coverage will pay the necessary medical expense for bodily injury of others. Coverage applies to accidents that occur on the insured premises or any location when caused by action of the insured. This coverage has a basic limit of $1,000 per person. The insured may select higher limits for an additional premium.

Dave Millet Insurance Agency
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