Some 90.5 million homes owned a pet across the country last year, according to the most recent data from the American Pet Products Association. While pet preferences range from the fluffiest of friends to more exotic options, most people preferred the classic picks, with 69 million households taking care of dogs and 45.3 million choosing cats.
Owning a pet has proven to have many benefits to the owner’s health, such as decreased blood pressure, low cholesterol levels, less feelings of loneliness or anxiety, but it also comes with a set of responsibilities and risks. Opting for pet insurance, which is basically health insurance for your pet, can help lessen the financial blow in case of a medical emergency.
More and more building owners allow their renters to bring in their four-legged friends, accepting the potential damages that might happen to the units. And this risk should also be shared by the tenant as besides making sure the pet is covered, it is equally important to make sure they are covered in case the pet causes an accident.
If you are a both a pet owner and a renter, here are a few reasons to choose renters insurance when sharing your space with a pet:
- The first step is letting your insurance company know you have a pet, since not all renter insurance policies will extend liability protection to your furry friend. Also, some insurance companies will deny coverage for injuries or damages caused by the pet if they were not aware you had one. Adding the pet could cause your premium to go up, but it will most likely pay off in the long run.
- Probably the most common issues pet owners face are the accidents that happen when their animals get a bit overexcited or spooked, and injure a person or another animal. In this case, the policy will cover part or all the medical bills if a guest is hurt due to your pet’s action (biting, scratching, knocking over etc.).
- Another very common issue with owning pets is the property damage they can cause. While this does range greatly depending on the type of pet, breed and even individual animal, it is safe to assume that the pet will cause some sort of destruction. Having renters insurance can help cover the costs of damages done to your neighbors’ or guests’ belongings.
Even if purchasing renters insurance is an excellent choice when raising a pet, there are a few limitations to the policy to keep in mind:
- Renters insurance does not cover the cost of damages caused by your pet to your own belonging.
- Renters insurance usually does not cover “exotic animals” and even most building owners might not allow you to bring in an unconventional pet in their units.
