Understanding Renters Insurance and Pet Coverage

Renters insurance is a crucial safeguard for anyone living in a rental property. It protects your personal belongings in the event of theft, fire, or other covered incidents. This type of insurance can compensate for lost or damaged possessions and may even shield you from liability if someone is injured on your property. But what about your pets? Does renters insurance cover them? Let’s delve into the specifics of renters insurance and how it relates to your furry friends.

What Does Renters Insurance Typically Cover?

Renters insurance is designed to protect your personal possessions, cover you if you’re liable for damages or injuries, and assist with living costs if you can’t stay in your rental due to a covered event. Generally, renters insurance consists of three main types of coverage:

Property Damage

Renters insurance can protect your belongings from damage or loss. For instance, if a fire in your building damages your furniture, you may be compensated for the financial loss. However, any damage to your home caused by your pet is typically not covered. If your puppy chews on your baseboards or your cat tears up your carpet, you’ll need to cover the repair costs yourself.

Personal Liability

This component of renters insurance may protect you from liability for injuries caused by you or someone in your household, including your pets. Personal liability coverage in renters insurance policies often exceeds $100,000, but it’s essential to check your policy to ensure you’re adequately covered. The average cost of a dog bite claim ranges from $50,000 to $65,000, while more severe injuries could surpass $100,000 in medical and legal expenses.

Additional Living Expenses

Renters insurance can also help you pay for any costs you incur if you’re displaced from your rental property after a fire, flood, or another covered event. For example, if a building pipe bursts and floods your unit, this coverage could pay for housing, food, and other displacement-related costs.

Does Renters Insurance Cover Damage Pets Cause?

Generally, renters insurance doesn’t cover any damage your pet causes to your rental property, such as stained carpet or torn window screens. However, the policy may cover damage stemming from covered perils, including fire, smoke, and water damage.

For example, if your cat chews on electrical wires and starts a fire, your renters insurance may cover the damage. However, it’s a good idea to contact your agent or refer to your policy to verify the specific coverage your policy offers.

Supplemental Insurance to Fill in Coverage Gaps

If your renters insurance doesn’t cover pets, consider switching to a provider who does. Alternatively, you can take out a personal umbrella policy or pet liability insurance to fill the gaps in your coverage.

Umbrella insurance policies may have coverage amounts of $1 million or more. Typically, you must already have a renters or auto policy with a provider before purchasing an umbrella policy. Check to see if having multiple policies qualifies you for a discount for bundling them.

Pet liability insurance is a policy that covers injuries and property damage caused by your pet. For example, if your dog bites someone or accidentally knocks them over, this policy may cover their medical expenses and your legal fees if they take you to court. The cost of pet liability insurance varies widely, ranging from $10 to $83 per month. Premium amounts are often based on your coverage options, deductible amount, pet breed, and other factors. Before proceeding, make sure the coverage amount is adequate to cover a serious incident.

Does Renters Insurance Cover Harm Caused to Pets?

Renters insurance generally doesn’t cover a death or injury to a furry family member that occurs in your home. Rather, this type of insurance is typically designed to cover damage or injury your pet may cause to others or their property.

If you’re looking for more comprehensive protection for your pet, consider getting a pet insurance policy. Pet insurance is similar to health insurance for humans in that it covers a portion of your pet’s medical bills due to illnesses, accidents, and injuries.

This type of insurance can be a relatively inexpensive option to lower the costs to get your pet the care it deserves. Monthly payments for accident-only pet insurance average about $10.18 for cats and $16.70 for dogs, according to the North American Pet Health Insurance Association. Accident and illness coverage runs a bit higher with monthly premiums of $32.25 for cats and $53.34 for dogs.

The Bottom Line

Renters insurance may protect your belongings if they are damaged in an incident in your home. It may also cover another person’s injuries or property damage caused by your pet. However, renters insurance typically doesn’t cover any property damage your pet causes to your own home. If you would like additional coverage, talk to your insurance agent to review your options, including an umbrella policy or a standalone pet liability insurance policy.

Shop and compare different insurance providers, policy options, and available discounts to save on renters insurance. If you live in a state where insurers can check your credit, maintaining a good credit score may help to reduce your insurance premiums. Some of the best ways to improve your credit score include paying your bills on time, reducing your debt, and minimizing your credit utilization. Also, consider signing up for Experian Boost® to potentially improve your credit score by adding credit for on-time payments for utilities, streaming services, and even rent to your Experian credit report.

For any mortgage service needs, O1ne Mortgage is here to help. Call us at 213-732-3074 to speak with one of our expert loan salespersons. We are committed to providing you with the best service and ensuring you have the coverage you need.