Owning a renters policy is vital if you're a tenant due to the protection you obtain. In the event that somebody filed a lawsuit against you, accusing you of negligence and causing you injuries, the insurer would represent you and pay out any damages or settlement.
It's important you ensure that the policy offers coverage for your particular breed or pet. Beware that some insurers exclude pets, while others restrict or exclude coverage for particular breeds. Here's what you need to know about renters insurance and pet damage.
When you buy a renters policy, it may comprise liability coverage for pet owners. The usual amount, though you have the freedom to purchase more is $100,000. However, the coverage may not be applicable if you own a dog.
Bear in mind that the insurance industry perceives dog ownership as too risky because dogs are likely to bite, resulting in high payouts compared to other insurance holders. When comparing insurance quotes, inquire specifically about pet ownership and establish whether exclusions exist.
Renters Insurance and Pets
If your policy doesn't include pets, you can opt to switch insurers. Look for insurance policies that specifically offer pet liability, which includes injuries or damages caused to somebody outside the immediate family.
Another area where you should examine coverage closely is where damages to the property or dwelling are concerned. You'll find this under damage liability, which can pay for pet damages while you reside in the dwelling.
Does Your Policy Cover Damage Liability or Pet Injury?
This varies depending on the kind of pet and insurer. The main concern about pet-incurred liability revolves around dog bites or other pet-related injuries since your economic liability can be extremely high in comparison with property damage.
Each state has varied laws concerning the dog owner's liability for dog injuries or bites and the amount for which the owner is liable. Numerous major insurers include pet injury or damage as part of their policy in most states.
However, a number of states exclude it from coverage on every basic renters and homeowners policies. Limits to coverage may exist as well and numerous insurers will deny you coverage depending on the breed you own.
Some kinds of pets, for instance breeds with a violent history, may face exclusion from your renter's policy. Furthermore, some policies may restrict the amount or type of claims your policy will honor. For instance, the policy may incorporate liability for property damage but exclude liability for scratches or bites from your pets.
Bear in mind that injury liability coverage doesn't cover your immediate family. Instead, your health policy will take effect for them.
What to Look for in a Renters Policy
If you're thinking of getting a dog or renting with your family pet, you must consider various things. You need to establish whether your policy covers dog injuries/bites that take place on or in the property that you're leasing.
It's also important to find out whether your policy will take effect if the injury takes place off the premises. Bear in mind that some policies will only pay for property damage and injuries while the pet is on the defined premises while others issue pay outs regardless of where the property damage or injury takes place.
Canine vs Umbrella Liability
Although a canine policy probably covers dog-related needs, it may be more cost-effective to buy a liability policy. Instead of paying premiums on a policy that merely offers pet coverage, an umbrella policy covers liability claims for your property or other liability needs.
Once you exhaust any current liability coverage, the umbrella policy takes effect and offers extra liability coverage up to the policy's total.
Renters insurance can be important for pet owners. However, it's imperative you ensure the policy includes coverage for the particular breed or pet. If you're thinking of renting with a pet, this guide helps shed light on renters insurance.