Pet Insurance Vs Renters Insurance
Pet insurance covers wellness-related care for your pet and treatment for your pets accidents and injuries. Renters insurance covers medical or veterinary bills for injuries caused by your pet and repair or replacement of other peoples property damaged by your pet. Since there is no overlap in coverage between these two types of policies, you wont waste any money by purchasing both. We wouldnt encourage anyone to purchase extra insurance coverage they dont need, but in this case, its in your best interest to have insurance that covers both your pets healthcare needs and liability coverage for you.
Renters Insurance Can Cover Pet Liability
We know your dog would never hurt a fly, but things happen. Some dogs are more aggressive or dominant, or they dont trust people in hats, or one day theyre in painand they bite a neighbor or friend. Even the most well behaved dogs can have a bad day for unknown reasons.
The CDC reported in their most recent data that nearly 4.5 million Americans suffer dog bites annually. Of those, 885,000 are severe enough to require medical attention.
These liability claims arent inexpensive. In 2019, the average cost for a dog bite claim was $44,760which was up from $39,017 in 2018. Without renters insurance, that cost would be completely out of pocket for a pet owner.
Thankfully, renters insurance can cover liability related to your pet, but your insurer needs to know about your pet. For some dog owners and exotic pet owners, you may find that many insurance companies do not cover certain pets. This is due to increased risk of claims from certain breeds or animals. Its best to disclose your pet, even if yours is one of the riskier breeds, since your coverage could be canceled and claims voided if your insurer finds out about an undisclosed pet.
If your policys coverage does extend to your pet, then that means if youre sued for medical payments that you or your pet caused , your insurance can help pay for the claim up to your limits. Whoever was injured can file a third party claim with your insurance company, and theyll reimburse for those medical costs.
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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When Doesnt Renters Insurance Cover Your Pet
Renters insurance liability coverage doesnt cover injuries your pet causes to you, or damages it causes to your property or your apartment. Renters insurance also doesnt cover any of your pets health costs, which are covered by pet insurance.
What Your Pet Is Covered For
Renters insurance does cover your pet liability costs.
Renters insurance does not cover your pets damage to you or your property.
Pet insurance, not renters insurance, covers your pets health costs.
For example, if your elderly pet has an accident on a carpet owned by the landlord, this wouldnt be covered by renters insurance. Similarly, if your pet is injured inside or outside your apartment, renters insurance wont cover the vet bill. Instead, you should consider purchasing pet insurance to cover your pets health expenses.
What’s The Difference Between Renters Insurance And Pet Insurance
The primary purpose of renters insurance is to protect your property and assets if you live in a rental unit. The liability coverage included in your policy also applies to your pets, and in some cases may pay for the damage your pet causes to someone elses property.
Pet insurance is designed to help with unexpected veterinary bills in the event of an illness or injury and may be able to help with preventative care. If youre looking for coverage when your furry friend gets sick, learn more about pet insurance.
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When Doesn’t A Renters Insurance Policy Cover Pet Damage
It’s important to note that there are exclusions with pet damage, too. One of the most common exclusions is that certain animal breeds cannot be covered. For example, pit bulls are notoriously excluded from renters insurance policies, and certain exotic animals may also be excluded.
Likewise, it’s vital to distinguish renters insurance coverage from pet insurance. Renters insurance covers pet-related issues relating to liability, whereas pet insurance covers wellness-related issues, such as veterinarian visits.
Renters insurance also won’t traditionally cover damage that a pet does to your home, just other people’s property in your home. As is the case with all policies, it’s best to speak with your independent insurance agent to determine what’s covered and what’s not.
TrustedChoice.com Article | Reviewed byPaul Martin
Do I Have To Let My Insurance Company Know I Have A Pet
Yes, you should let your insurance company know you have a pet, even if it is not a dog. Although certain dog breeds may be a primary concern of insurance companies, other animals can cause damage that an insurance company may have to pay for if you file a claim. Cats could scratch a guest or damage the carpeting in your rental, for example. If you do not disclose that you have a pet, an insurance company could deny a claim due to misrepresentation, which could impact your ability to find future coverage.
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Certain Dog Breeds May Require More Insurance
Although every dog has its own personality and the likelihood of a bite occurring depends greatly on training, there are unfortunately some breeds that are viewed as having more aggressive tendencies or being at a greater risk of causing injury than others. Although each insurance company has its own regulations, following is a list of dog breeds that are often considered ineligible for insurance coverage.
The list of breeds below comes, in large part, from a study of fatal dog bites commissioned by the U.S. National Center for Injury Prevention and Control in 2000. The study lasted for 19 years and found that there were about 12 dog-bite fatalities per year during that time, and 50 percent of those involved pit bulls, rottweilers or combinations of those breeds. The study also found that male dogs were more likely to fatally bite someone, and that neutered dogs were less likely to attack than sexually intact dogs.
These are the breeds on the studys list, along with additional breeds that are often excluded for coverage by insurers:
- Saint Bernard
- Wolf-dog hybrids
If you own one of these breeds, experts recommend informing your carrier. You may still be able to purchase insurance, but there may be a surcharge. If your carrier does not offer coverage for your dog breed, you may want to seek out a company that does not use a dogs breed to determine eligibility. If your dog has a history of aggression, you may only be able to find coverage with a high-risk carrier.
What Does Renters Insurance Cover For Pets
The renters insurance coverage will pay for the liability caused when your pet injures someone. The cover will also pay for liabilities outside your home when your pet bites someone.
For example, your dog bites a child at the dog park. The renters insurance will cover the victims medical insurance alongside legal fees if you get sued.
The coverage also kicks in when your dog bites another dog, where your liability coverage will go towards the veterinary costs. Most insurance companies consider the injured animal as the personal property of the owner.
If your pet is responsible for damage to someones property, your renters insurance would only extend to that person and their property.
Additionally, the renters insurance will not cover damage inflicted by your pet on your property.
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Options For Pet Liability Insurance If You Own An Excluded Breed
Dog owners shopping for renters insurance quotes should confirm that their chosen company will cover their dog. Military-only carrier USAA and State Farm are two companies that accept all breeds. Alternatively, some carriers will still offer you a policy but exclude any dog-related claims.
If you own an excluded breed and canât qualify for liability coverage, you may still be able to get pet liability coverage through either an umbrella policy, which is additional liability insurance that you buy on top of your homeowners, renters, or auto insurance policies, or a canine liability policy, which is separate insurance that you buy specifically to protect you from liability related to your dog. Canine liability insurance is often available through smaller carriers. Costs depend on your dogâs breed and history, and costs can range from under $100 per year to $1,000 per year. One note: it may be tempting to not tell your insurance company about your dogâs breed, but that wonât work out well. If you make a claim and havenât disclosed your dog, your claim can be denied and your policy canceled, and youâll be left with the bills. Get covered before something happens.
Does Renters Insurance Cover Theft Outside The Home
Yep! Renters insurance covers your stuff both at home and everywhere else. So if you put a pair of earrings in a hotel safe and theyre stolen while youre out to dinner, youll be covered!
There are a few things to note here, though: 1) Stuff thats stolen in an area under construction isnt covered, as well as other peoples stuff stolen at your place isnt covered and 2) most of the more expensive stuff you own will be covered, but only up to a certain amount if you own jewelry, musical instruments, etc worth over $1,000, youll want to tack on some Extra Coverage.
Some common maximum coverage amounts known as limits of liability you can select for your typical HO4 policy include up to: $1,500 for loss by theft of jewelry and watches $2,500 for loss by theft of silverware, tea sets, trophies, and other stuff made of precious material, and $500 for when someone uses your credit card without your permission, or when someone steals your credit card and uses it for themselves think: cash withdrawals, transferring money, and more.
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Dog Bites And Related Injuries
One of the most valuable parts of this pet coverage for renters can help you when you need it most: your finances can be protected if medical expenses result if your dog bites someone.*
Should your dog bite another dog, you can be covered with renters insurance. And if the mailman suffers a sprained wrist after your dog jumped up to say hello, your finances can be better protected with this coverage.
What Is Covered By Renters Insurance
Renters insurance is not something you should take lightly. Its your protection from many risks that come with renting. Some of the things covered by renters insurance include:
- Fire and smoke damage
- Accidental damages
- Medical bills
- Personal effects
Many renters are surprised to find out that their landlords insurance doesnt cover them for many of these risks. That means they have to pay for their own coverage. But fortunately, there are a lot of affordable renters insurance options out there.
You may be wondering, Whats the difference between renters insurance and home owners insurance? These policies are different because your landlord is responsible for most things that happen on the property they own. With renters insurance, you are responsible for what happens on your rental propertyand this includes any damage you do to it!
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What Is Renters Insurance
Renters insurance is similar to homeowners insurance but for renters. This includes if youre renting a house, condo, or apartment. It can help cover your personal belongings from theft and damage due to covered perils, and it also can help cover personal liability if you are found at-fault for anothers injuries. See some scenarios where you might need renters insurance here.
Damage To Others Property & Liability Coverage
In a case where your pet damages the property of someone else you may be lucky because it is more common for insurance companies to insure this type of incident. Whether you are in your own home or at someone elses home when the incident occurs it is likely that this is a situation in which your insurance company will cover anything you are liable such as injury or property damage to others. So even if youre at a family members home and your dog tears apart their couch you can count on your insurance to help you pay for situations such as these.
For this coverage, your limits will depend on how much liability coverage you select. The more coverage you select the more you will pay monthly. There are also other factors that may play a part such as your location, driving record, and even your credit score.
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Pet Liability Insurance For Renters
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As a renter, do you worry about the damage your pets can do to the property youre leasing? How about potential injuries to your neighbors or visitors in your home? The unfortunate reality is that you can be held liable for your pets behavior even if you take all the precautions to prevent your pet from inflicting any kind of damage. All owners know that pets dont always follow the rules. So, what can you do to protect yourself and keep your precious pet with you?
Renters insurance, personal umbrella liability policies and pet liability insurance may all be options, but its confusing to navigate just what you need. Property damages can be costly, but the major area of concern is injuries inflicted by your dog to other pets or to people. Your liability in these circumstances can run into tens of thousands or even hundreds of thousands of dollars. Here, weve tried to unravel the puzzle for you, so read further to see what you need to consider.
What Does Geico Renters Not Cover
A renters insurance policy does not provide coverage for your belongings if theyre damaged under certain events. Generally, natural disasters such as earthquakes and flooding are excluded, however, specialized policies may be available for these events. There may be other events that arent covered under your policy.
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What Is The Cost Of Adding Renters Insurance With Dogs
Most renters policies already include a certain amount of liability coverage for your pets, and the cost to insure your pet is included in the price of the base policy. However, policies will vary from one renters insurance company to the next, and some may charge an additional fee for dogs of a certain breed, over a certain weight.
Even if your dog falls into one of these categories, you can likely still find pet liability insurance with a personal umbrella liability policy. Check with your American Family Insurance agent to learn about specific renters coverages and restrictions.
Renters Insurance Vs Pet Insurance
Life happens whether you’re prepared or not. Sinks clog and windows break. Whiskers scratches up the curtains, and Fido stains the carpet. Renters insurance protects you from such accidents draining your wallet. Renters insurance generally covers damage caused by flooding, fire, or other property loss. Most insurance groups include renters pet insurance, providing the insurance holder with legal coverage in case your pet injures someone or causes property to damage. Pet health insurance, provides coverage for accidents and illness that affect your pet, and reimburses portions of veterinary bills. Pet owners often invest in both renters insurance that includes pet liability coverage and pet insurance. That way you can have peace of mind knowing they are financially covered if anything happens with their pet.
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Pet Liability Exclusions And Sublimits For Coverage
If you are a pet owner, you should check whether your pet’s species or breed is excluded under your liability policy. Here are some examples of exclusions on a policy.
- Exotic pets: Animals such as reptiles, monkeys and wolves will almost certainly be excluded under traditional renters insurance liability coverage.
- Specific breeds of dogs: Exclusions can also extend to certain dog breeds. Many insurers have a list of aggressive dog breeds, such as pit bulls, that they will refuse to cover.
- Dogs with a history of bites: Individual dogs with a history of bite incidents could also be excluded by insurance companies.
You should also check whether there are sublimits to your coverage for particular animals.
However, your insurer may offer optional additional coverage, called a rider, that can increase your protection for specific events, like a dog bite.
What Is The Cost Of Adding Pet Liability To My Renters Insurance
Personal liability coverage is usually included in renters insurance. Although renters pet insurance isnt generally offered, the liability coverage in your renters policy should extend to personal liability that arises from your pet. This includes both property damage and medical bills for third parties. Legal fees should also be covered under personal liability coverage. But the coverage limits in your policy will state exactly how much coverage youll receive from your policy. Renters insurance with pet liability is generally limited to your personal liability.
You might also be able to find liability insurance specifically for your pet. This insurance is less common and monthly premiums can range quite a bit. Some providers may offer pet liability coverage for as low as $10 per month. But if you have a pet breed thats known to cause liability, your premiums could be much higher.
For example, the liability associated with owning a large dog would be much higher than the liability associated with owning a hamster, so its reasonable to expect the cost of coverage would be more for the large dog.
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