was a per cent limit)

That way they can't be liable for some exorbitant amount. (Think $250k building with a million dollar claim - it lends it self to fraud because the renters policy is so much cheaper than the owners policy).

You rent from me. You get coverage equal to my building coverage. Building burns. You claim the same amount I do. My bldg gets rebuilt on my policy and we split your policy. We both make out like bandits.