How Does Renters Pet Insurance Work
Renters insurance protects you from personally having to pay for someone’s damaged property, medical bills, or veterinary care. It may also cover legal fees often associated with small claims court in case you are sued by the injured party.
Most renters insurance policies include pet liability coverage up to $100,000, after which point the policyholder will be responsible for paying themselves. There may be limits on certain types of liability claims, such as dog-related accidents, that cap how much the insurance provider will payout for those types of incidents.
Specific dog breed insurance restrictions may also apply. The list of dog breeds insurance won’t cover often includes:
Additionally, exotic pets like wolves, ferrets, amphibians, reptiles, and other wild animals are usually not covered by renter’s pet insurance. If you are not sure if your renters insurance covers your animal companion, make sure to check with your provider.
Why Should I Rent To Tenants With Pets
Some property owners prefer to rent to tenants without pets in order to avoid the potential for damage and liability caused by pets on the property. However, there are a variety of reasons why renting to pet owners may be a good idea for your bottom line.
There are more pet-owning renters
According to a survey conducted by Apartments.com, more than 90% of renters currently have a pet or plan to become a pet owner. Indeed, in many markets, youâll find far more pet owners than non-pet owners across the board. By renting to pet owners, youâll increase your potential pool of tenants and keep your rental properties filled.
Pet-owning renters may be more responsible
In general, people with pets tend to be more settled and more financially responsible than those without. They may be more inclined to be responsible in other areas of their life, as well, including on-time rent payment and property care and maintenance.
Increased tenant retention
Pet owners tend to feel that whatâs good for their pet is good for them, as well. Once they are settled, they may be reluctant to cause upheaval by moving again in 12 months. In order to avoid the search for another pet-friendly property, they may be more inclined to stay put. This saves the property owner money in marketing costs and turning over the property.
Renting to pet owners increases revenue
How Much Pet Liability Coverage Do I Need
To work out the amount of pet liability coverage that you need, you should estimate how much of a risk your pet poses and adjust the amount of coverage accordingly.
For example, $100,000 might be too low if you have a big dog, like a Rottweiler, but $200,000 for a small poodle might be excessive. Think realistically about how much damage your dog could do and adjust your coverage accordingly.
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What Type Of Insurance Covers Pet
If you have a home, condo, or tenant insurance policy, you’ll have personal liability coverage built in which can cover incidents involving your pet. Let’s consider an example where personal liability insurance would kick in for a pet-related incident. Imagine your dog is out in the front yard playing, when suddenly it gets triggered by a passing cyclist. Your dog unexpectedly chases after the cyclist and nips at their leg, resulting in injury and a damaged bike from their fall. In this case, the person may decide to sue you for damages. Because the damages and injuries were a result of the dogs actions, personal liability coverage under your home insurance policy would help protect you against legal fees and compensation to the injured party. An unexpected incident like this could be costly, so it’s important to ensure you have sufficient personal liability coverage to protect yourself no matter the circumstance. If you’re looking for even further protection, you can look into increasing your base policy liability limit, or adding Personal Umbrella Insurance which will extend your existing coverage beyond its set limits in your home insurance policy.
Renters Liability Insurance For Pet Owners
Updated on Friday, March 18 2022 | 0 min. read| by Aaron Besson
Your renters insurance covers injuries and damage your pets cause to others, but it may not be enough.
The liability portion of your renters insurance policy covers damage and injuries your pet be it cat, dog or parakeet may cause to other people. For example, if your dog bites someone, your renters policy should cover medical bills and legal fees that result from it.
However, the claim payout limit that comes with your renters insurance by default may not be enough to cover these costs. Also, some insurers will not cover certain dog breeds at all. Depending on the situation, you’ll either want to look for a canine liability policy or an umbrella policy.
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It Protects You From Serious Costs
Pet liability insurance covers the high costs of medical expenses and legal proceedings in the event of a pet attack. According to the Centers for Disease Control and Prevention, 4.5 million people are bitten by a dog in the U.S. every year, and 800,000 of those bites require medical attention. According to the Insurance Information Institute, the average cost of a dog bite claim in 2020 was $50,425.
Furthermore, the National Fire Protection Association estimates that around 750 homes each year suffer a fire started by a pet. Having renters insurance helps make sure that you’re not paying these costs out of your own pocket.
Pet Liability Insurance Exclusions
A key point to remember is that the pet liability portion of renters insurance only covers damage your pet does to other people or their property. If your cat destroys your favorite chair or claws you, renters insurance will not cover it.
Another fine point is the source of the damage done. If your dog knocks over your TV, renters insurance will not cover it. However, if the TV getting knocked over results in a short circuit that starts an electrical fire, your renters policy should cover it. In most instances, damage due to fire is covered under renters insurance.
Also keep in mind that there is a difference between pet liability insurance and pet insurance. If your dog is sick or injured, renters insurance will not pay for veterinarian costs. You need to have pet insurance for that.
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Property Damage Of Others Caused By Your Dog
If your pet breaks or destroys the belongings of others, you can be covered with this important protection. Suppose youre at a friends home with your dog and it bumps into a table, knocking over and breaking an expensive TV. Your renters policy can help cover the cost of replacing items that your dog damages or destroys.
Covering Pet Liability Costs With Renters Insurance
No matter how well-behaved your pet is, even the most responsible pet owners know that accidents can happen. Renters insurance covers liability costs, making it a valuable investment for pet owners with furry friends that could potentially injure someone or damage their property.
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Depending on your insurance provider, coverage for certain dog breeds and exotic pets may be excluded. Renters insurance also doesnt cover your pets health costs, which are covered by pet insurance. Despite these exceptions, renters insurance is vital for any renter with a pet.
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Do I Have Enough Pet Liability Coverage
For most people, a standard renters insurance policy is adequate. If you own certain dog breeds, though, you may need more.
While many insurers, such as State Farm, Nationwide and USAA, do not take dog breed into account when underwriting renters insurance policies, some insurers consider certain breeds to be high-risk, including:
What About Excluded Dog Breeds
Theres an important exception to all this. Some insurance companies have excluded dog breeds, which means these breeds wont quality for liability coverage. In some cases, the insurance company will simply not pay out for dog-related claims. In other instances, the insurance company might deny renters or homeowners coverage entirely if you own one of these dogs.
Every insurance carrier has its own list of excluded dog breeds, which might also be called: uninsurable breeds, prohibited breeds, or aggressive breeds.
If you have an excluded dog breed and cant qualify for liability coverage, you can look into:
- Canine liability policy, which offers liability specifically for your dog
- Certain insurance companies like USAA or State Farm
- Talk to your InsuraMatch advisor to find the perfect policy for you and your pupwe can help!
An important note: Make sure you disclose all information about pets and your home. If you fail to disclose a dog because they are an excluded breed and later your insurance company finds out, they have the right to deny your claims or halt coverage altogether. Its important not to lie or omit information with your insurance company.
Tips for your pup
Renters insurance and pet damage
Your renters insurance will typically cover you under the liability portion of your coverage if your dog damages someone elses property or injures a third party. It wont, however, cover any damage your dog causes to your own property or family.
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What If You Need Separate Pet Liability Insurance
Theres good news if youve exhausted your basic renters insurance options. A growing number of specialized insurance companies now offer separate dog liability insurance and some even cover the so-called bad dog breeds . In some cases, landlords will only accept your pet if you show proof that youve purchased separate dog liability insurance.
Renters Insurance With Pet Coverage: What Youre Allowed To Require
According to a recent study, about 85 million American families own some kind of pet. So if If you’re a landlord who is renting out one or possibly multiple properties, chances are at least one of your renters will have a pet. So should you require renters insurance with pet coverage as a lease condition?
Renter’s insurance with pet coverage is a worthwhile investment. It can provide peace of mind for both the tenant and the landlord. The tenant knows their personal property is protected, and the landlord knows that if the tenant’s pet causes any damage or injury, they will be covered.
So, if you’re looking for more information on this topic, keep reading as we cover what you need to know in this brief guide.
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What Are The So
If you own or are considering owning one of these breeds , you need to ensure your pooch will be covered. Many insurance companies have certain breeds they wont cover even if they offer dog liability insurance for renters. And each insurance company has its own list of bad breeds on its dog breeds insurance blocklist. The following list is a general rule of thumb, but experts say the first four breeds are the most commonly denied. Check with your insurance agent to see which breeds they cover.
- Pit Bulls & Staffordshire Terriers
- Siberian Huskies
Note: Some landlords discriminate too based on dog breed but an insurance policy may set their minds at ease.
Does Renters Insurance Cover Dogs Injuries Or Illnesses
No, injuries and, in some cases, illnesses are covered under pet health insurance.
- Accident-Only policies cover unexpected emergency accidents and injuries, such as lacerations, bite wounds, insect stings and bites, snake bites, swallowed foreign objects, broken bones, etc.
- Accident & Illness policies offer comprehensive coverage that reimburses unexpected incidents and illnesses, including cancer treatments, chronic conditions, diagnostics, emergency care, hospitalization, surgeries, etc.
When comparing insurance companies, be sure to look into the details of comparable policies and read the fine print. Some insurance companies such as Progressive and Liberty Mutual offer both pet insurance and renters insurance policies, so you might have a possibility of bundling these two types of insurance and getting a discount.
Buying the right dog insurance is not easy. While pet owners do have a plethora of options, deciding the right kind of pet insurance plan and the amount of coverage you need can be quite confusing.
If you’re looking for a pet insurance policy, consider using Pawlicy Advisor. Our tool helps you compare pet insurance plans from top US providers to find the best option for your family. We also provide personalized recommendations based on your pet’s unique information, empowering you to buy a pet insurance policy with confidence.
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Do I Have To Tell My Insurance Company About My Dog
Its vital that you inform your insurance company that you have a dog. Failing to inform your insurer about your dog and any pet-related damages may not be covered.
If you purchase a policy and then buy a dog after you have secured coverage, be sure to let your insurer know about the newest member of your home. Again, failure to do so can result in the insurer not covering damages related to your dog.
Where To Buy Renters Insurance
You can purchase renters insurance from most major insurance companies, as well as smaller insurers like Lemonade. Most policies require a minimum of $100,000 in liability coverage. With $20,000 of personal property coverage, typical renters insurance policies have an average cost of about $13 per month. You should be sure to shop around and compare coverage to find either the best renters insurance providers to meet your needs or the cheapest renters insurance to ensure you get the lowest rate.
If youre concerned about your liability and need additional coverage, it generally only costs a few dollars per month to switch to a higher liability coverage limit of $300,000. If youre not sure what coverage limit makes sense for your situation, most insurance providers are more than happy to help you find the coverage that works for you.
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Does Renters Insurance Cover Property Damage From Dogs
Not for your property, but maybe someone elses.
Lets face it: bites arent the only type of damage dogs can cause. Even the best-behaved dogs sometimes chew, dig, and wellgo where theyre not supposed to. Unfortunately, your renters insurance will not cover this type of damage in your own apartment.
On the other hand, if your pet damages a rug, sofa, etc. on someone elses property you might have coverage under your renters policy to repair/replace the item.
Does Renters Insurance Cover Pet Damage
As mentioned, renters insurance covers pet damage to other peoples property.
However, renters insurance doesnt cover pet damage to your own property. Thats because the personal property coverage included in your renters insurance policy only covers certain types of damage, known as perils, and pet damage isnt considered a covered peril. For more information on what damages youre insured against, scroll through our guide on what perils are in renters insurance.
Example of covered pet damage
Lets say youre at a party and your dog chews apart the hosts exorbitantly priced chaise lounge. If they decide to take you to court, you could be found legally liable and made to pay thousands of dollars in pet damages and legal bills.
Because your renters insurance provides pet liability coverage, your insurer will pay for your legal defense and for any damages the victim is awarded.
Example of excluded pet damage
However, if youre sitting at home and your dog chews apart your own exorbitantly priced chaise lounge, youll have to pay for it yourself.
Your personal property coverage wont pay for it because pet damage isnt a covered peril in renters insurance, and your personal liability coverage wont pay for it because it was your own property that got damaged. Liability coverage is meant to deal with legal expenses, and its not like you can sue yourself.
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Does Renters Insurance Cover Roadway Accidents Caused By Dogs
Possibly. Car accidents caused by dogs are not on many peoples radar. But they should be. Why?
Thousands of free-roaming dogs are killed on U.S. roadways each year. Thousands more may escape injury, while still causing motorists to swerve to avoid them. If your dog breaks loose from his leash, squeezes through the backyard fence, or jumps from your car window into traffic, he becomes a risk to nearby drivers. If another driver crashes his vehicle and/or sustains an injury because your dog is in the street, guess whos responsible?
In fact, renters and homeowners can be sued for violation of leash ordinances, by allowing their dog to run at large. Ask your agent if and how your policy might respond to a claim of this kind.
Filing A Liability Insurance Claim For Damage Caused By Your Dog
Lets say your dog plays a little too rough with the sitter while youre away and the sitter gets a cut on their arm. Luckily, you made the smart choice of selecting a renters policy with dog liability coverage, so your financial future looks much more secure.
Since this accident will require stitches, your claims process may look like this:
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Does Renters Insurance Cover Pets
Renters insurance may cover pet damage as part of your policy’s liability coverage. This may help protect your finances if your pet injures someone else or damages their property. However, renters insurance won’t cover damage to your own property that’s caused by your pet. In some instances, repairs that are made by your landlord may come out of your security deposit.