Renter’s Insurance and Pets
Each year, dog-related injuries account for more than one third of all homeowners liability claim dollars, with the average cost paid out for each claim averaging $37,000 according to Insurance Journal. As incredible as it may sound, in some cases injuries have been so serious that they required up to $100,000 in medical damage. Given these circumstances, it’s often recommend that renters opt for a renter’s insurance before arriving with their pet at their new apartment.
When deciding on the coverage, always have in mind how likely it is that your pet might actually do something either to people coming to visit or to your neighbor’s property. Also, try to evaluate the damage it may do. Smaller animals usually cause insignificant damages to people or things so adding a lot to your coverage might not justify the expense.
It’s also good to know that not all pets or pet-related incidents are covered by your renters insurance. For example, most insurances don’t cover exotic pets such as reptiles or monkeys, farm animals and certain breeds of dogs known for their aggressiveness (pit bulls, for example). What’s more, depending on your pet’s history, insurers may decide to place a limit for paid medical damage.
Below are the most common examples of what a renter’s insurance covers and what it doesn’t?
- Yes: injuries your pet provokes to other people
- Yes: damages done to your neighbors’ property by your pet
- No: your pet’s health-related issues (that would be covered by a separate pet health insurance)
- No: damage done to your own belongings by your pet
If your pet has a bad history and your renter’s insurance doesn’t provide you with the liability you need, you can always opt for another form of insurance, such as a personal umbrella policy. The policy provides you coverage when you cause damage to a person or their property and it also includes dog bites.