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Renters Pet Insurance and All You Need to Know About It

September 27, 2018

If you have ever had a pet, you know how what a big ball of pride and joy your best bud can be. Sometimes, though, they can turn into a recipe for trouble. From stained carpets to scratched up walls, the damage can add up. If your dog or cat gets sick, health bills can also rack up quickly. Luckily, pet owners can rely on renters pet insurance to protect them and their pet from certain housing damage costs, and pet health insurance to make sure they’re covered against drowning in vet bills.

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.

What Does Pet Insurance Actually Cover?

Unfortunately, no pet insurance plan covers pre-existing conditions, meaning you would have to purchase coverage prior to your pet getting sick. Any injury or illness your pet shows evidence of prior to acquiring insurance won’t be covered. Most insurance policies have waiting periods of around 15 days, which is the time between when you purchase coverage and when the coverage kicks in. This allows insurance companies to ensure no fraud is taking place when an owner enrolls their pet. Remember, you cannot get pet insurance after a diagnosis for your pet.

Make sure to read the terms and conditions carefully. The pet liability clause of renters insurance does not necessarily cover all animal-related accidents. Dog bites, for example, are often not covered by renters insurance. Not all pets are included in the policy either. Certain exotic and farm animals are excluded from most coverage policies. Dog breeds considered aggressive or animals with a past history of aggressive episodes may be denied coverage or face higher insurance rates.

If liabilities related to pets are not covered in your general renters insurance package, you can always purchase a personal umbrella policy (PUP). This type of coverage provides liability insurance to the holder and protects them from financial responsibility if their pet causes damage to a person or property. Such insurance almost always covers dog bites. There are also insurance options like Dean Insurance that specifically offer canine liability coverage, which cover dog-bites and do not limit coverage to specific breeds.

How Much Will Renters Pet Insurance Cost Me?

Renters insurance costs, on average $12 to $25 per month, and will vary on how much coverage you want. At this price, most renters are covered for $30,000 to $50,000 worth of damage, with a small deductible (i.e. what you still have to pay if damage occurs, even with insurance) of $500 to $1000.

Pet health insurance normally costs between $10 to $100 per month, with most pet owners paying $30 to $50. If you have a dog, your coverage will likely be more expensive than if you have a cat or smaller animal. Coverage that's exclusively for accidents will be on the lower end, costing you less than $20 per month. Whereas, if you want coverage for accident and illness, you will be spending more in the $30+ range. Coverage at this price is around $5,000 annually, with a $500 deductible.

Who Provides Pet Insurance?

There are tons of insurance companies that offer renters insurance, pet insurance, or both. Popular companies that offer both include:

Popular pet health insurance plans include:

Having a furry ball of joy around the house is definitely a good thing. Yet, it is also an enormous responsibility to be there for your pet when trouble occurs. Having pet health and renters pet insurance will help you know that financially, you’re covered if disaster strikes. Please remember that while we put immense effort into our research, it is always best to compare the information you find above with your insurance agent and state regulations!

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Angelina is a Marketing Specialist at Apartment List where she writes content on rental lifestyle. Angelina previously worked as a Russian and German language specialist at Facebook and Google, and has a BA in Applied Linguistics from UCLA. Read More
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