Are Pets Covered Under Renters Insurance?

Are Pets Covered Under Renters Insurance?

Fri, Jan 1, 2021 5:27 PM

Renter Insurance

If you are trying to cover the welfare and care expenses of your pet, purchase a pet insurance policy in addition to your renter's policy. Consider having a canine insurance policy if you have a "dangerous" dog breed.

To determine what type and how much rental insurance they should carry, each consumer should weigh the risks of their unique situation, Insurance is something people buy, but they hope they will never have to use it. It is important for each client to sit down with a trusted agent to discuss their needs and exposures before making a decision as to whether insurance for renters is right for them.

If you rent your home and own a pet that hurts someone or damages their property, the cost to you could be significant. Insurers paid almost $800 million in 2019 for dog bite claims, according to the Insurance Information Institute, with an average payout of $44,760.

When more animals are taken by households, the risk of injury and claims of injury rise. Americans have been flocking to pet shelters and rescue organizations since the COVID-19 pandemic. Shelters place dogs and cats in permanent homes and foster homes at unprecedented rates.

In South Florida, for example, for the first time in its history, Palm Beach County Animal Care and Control emptied one of its dog kennels. In Colorado, the Pikes Peak Human Society reported clearing its dog kennels and cat reception center.

About 1 in 5 people who have been bitten by a dog require medical attention, and children are the most common victims of bite injuries. Renters with pets are wise to measure their level of risk and to protect themselves from prosecution.

How can insurance companies protect you and your pet?

An insurance policy for renters is for people who do not own their residence and want to protect their personal property and to protect themselves against liability. Almost one-third of the tenants live with a dog.

If you have a pet, make sure that you have enough coverage to protect yourself financially if you are sued in the event that your pet harms another person or animal or causes damage to property. Most tenant insurance policies do not cover "exotic pets" such as reptiles and amphibians 

Insurance for renters can pay for damages to your rental home and other people and their possessions if injury or damage is caused by you, your pet, or a family member. It also pays medical expenses when a guest is injured in your home and extra living expenses when your home becomes uninhabitable after a fire, flood, storm, or another disaster.

Liability coverage is part of a standard insurance policy for renters and pays medical and legal expenses up to your policy limit—usually $100,000 to $300,000—when your pet hurts someone. If your dog bites another dog, you may also be liable for veterinary expenses for the other dog. Any cost over and above your policy limit is your responsibility.

Generally, your renters' liability insurance will not protect you if your dog damages the property you own. If you have an insurance policy for renters, read it thoroughly or talk to your insurance agent to check for coverage limits under certain circumstances, such as when an incident occurs in or away from your rented home.

 

Why you need a Renters and Pet insurance

 

What's the difference between insurance for pets and insurance for renters?

Renters who are dog owners should consider having a pet health insurance policy and a pet liability insurance policy because they serve different but equally important purposes.

  • Pet insurance policy: Pet insurance is for the types of pet health care expenses. Although coverage options vary, many plans do not cover pre-existing conditions or routine veterinary visits. Other plans may include alternative care, such as acupuncture and chiropractic. It depends on what your pet needs and what coverage options you choose. There are different levels of health insurance coverage for pets. Most basic plans cover veterinary procedures and treatments for accidents and illnesses such as cancer, with reimbursement caps. Comprehensive plans are more expensive but include coverage for x-rays, prescriptions, and laboratory fees, which are often less deductible. Pet wellness plans to repay pet physicals, vaccinations, and heartworm treatments. If you have an expensive show dog, you might want to consider buying a theft and life insurance policy in case the dog is stolen or dies on the way to an event. Most pet insurance policies will cost less if your dog is young.

  • Insurance for Renters: Renters insurance is not the same as a pet insurance policy. Renters' pet liability insurance protects you from associated expenses if you are found to be liable for damages or personal injury caused to others by your pet.

 

Also Read: Things to Look at When Choosing Health Benefits

 

Costs of renters insurance

Less than half of the tenants are insured, even though, according to the Insurance Information Institute, the typical tenant insurance policy costs only $180 per year or $15 per month.

Some landlords require insurance from their tenants. Landlords may wish to avoid a dispute in the event that the property of the renter is damaged. Some people mistakenly believe that the landlord's insurance policy will cover the personal damages or liability of the tenant. The landlord's policy applies to his assets, such as the apartment building, but it does not cover the tenant.

What's not the renter's insurance coverage for pets?

Pet damages and liability insurance coverage in your renter's policy may not cover you for certain incidents or your dog breed may be denied, depending on the state and the insurance company. Your tenant's policy liability limits may be significantly reduced or not at all applicable if you have one of the dog breeds on a restricted breed list. You may want to purchase pet liability insurance for additional coverage.

  • Pet Liability Insurance Insurance: A canine liability policy provides you with liability insurance coverage that does not provide coverage for dogs with a history of violence, off-duty police dogs, or extended coverage for injuries that occur away from home, for example.

If your dog has bitten someone, irrespective of the breed, insurers consider it more of a risk. It would be hard to insure, even though your dog has never bitten or hurt someone if it is known to be a dangerous or risky breed, such as a pit bull.

 

Since dogs are such popular pets in the U.S., it's no surprise that they can be held liable. That's why it's important to make sure that you have adequate property damage and liability coverage. Owning a dog has a lot of benefits, but there are also risks. It's a good idea to talk to your insurance agent and review your insurance coverage to make sure you're properly insured.

 

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