TENANTS INSURANCE
Tenants or Renters of homes, apartments, or condo units can purchase tenants or renters insurance to cover the insurance exposures typically related to this type of residency. The policy includes two main sections of coverage, property and liability.
The property section includes coverage for the renters personal property (furniture and clothing) for the perils (causes) of loss listed in the policy. Fire, theft, vandalism and many other causes of loss are typically included. The policy is almost always endorsed to include the full replacement cost for your personal property at time of loss subject to a deductible.
The liability section covers the renters liability for claims or suits brought against them by others (third parties) for bodily injury and property damage. The liability section of a renters policy also typically includes the renters liability to the landlord for claims arising out of fire, smoke and explosion damage to the rented premises. Liability coverage includes defense costs (attorneys fees), as well as the cost of the settlement or judgment against the insured up to the policy liability limits. Virtually every residential lease requires the tenant to carry liability insurance with some specified minimum limit, usually $300,000 or $500,000.
THE ABOVE IS INTENDED TO PRESENT AN OVERVIEW OF SOME OF THE COVERAGE PROVIDED IN A RENTERS POLICY. IF THERE IS A CONFLICT BETWEEN POLICY WORDING AND THE ABOVE OVERVIEW THE PROVISIONS OF THE POLICY WILL APPLY.
The following are examples of limits and coverage’s available under a tenants/renters insurance policy. Actual premiums can vary based on location and other rating variables. Specific premiums can only be obtained by requesting a quotation.
| OPTION 1 | OPTION 2 | OPTION 13 | |
| Personal Property* | 15,000 | 50,000 | 100,000 |
| Loss of Use | 6,000 | 20,000 | Unlimited |
| Personal Liability | 300,000 | 300,000 | 500,000 |
| Medical Payments | 1,000 | 2,000 | 10,000 |
| Deductible | 250 | 250 | 500 |
| Annual Premium | 160 | 300 | 385 |
* includes sublimits on certain classes of personal property such as jewelry, furs and silverware.