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 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
- What Does Pet Insurance Actually Cover?
- What Should I Do if My Pet is Not Covered by Insurance?
- How Much Will Pet Insurance Cost Me?
- Who Provides Pet Insurance?
Renters Insurance vs. Pet Insurance
Life happens whether you’re prepared or not. Sinks clog, 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 pet liability, providing you, the insurance holder, with legal coverage in case your pet injures someone or causes property damage. Pet insurance, or 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 to provide 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.
The pet liability clause of renters insurance does not necessarily cover all animal-related accidents, so make sure to read the terms and conditions carefully. 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.
What Should I Do if My Pet is Not Covered by Insurance?
If your pet is not covered, you can always purchase a personal umbrella policy (PUP), which provides liability insurance to the holder and protects them from financial responsibility if they cause 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 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. If you only want coverage for accidents, your cost will be on the lower end (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:
- Geico (renters insurance, pet insurance)
- Allstate (renters insurance, pet insurance)
- Nationwide (renters insurance, pet insurance)
Popular pet health insurance plans include:
Having a furry ball of joy around the house is definitely a good thing, but it is an enormous responsibility to be there for your pet when trouble occurs. Having pet and renters 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!