Having renters insurance for your home gives you peace of mind and financial security in the event of a covered peril. Most insurance providers have packages that cover your personal belongings from theft and damages. Some of these plans can also help cover personal liability if you are found at-fault for another's injuries. This is very important if you have a pet. Animals are animals. Even the most well-trained pet can bite and scratch the furniture your landlord has provided. So, you need to know what your renter's insurance covers when it comes to your pet liability and damages. If you aren't protected, then you could be held liable and lose your safety deposit or even face fines if the damages are significant. Keep reading to find out if pet renters insurance exists and how you can protect yourself in the event of a claim.
Does Renters Insurance Cover Pet Damage?
In most cases, renters' insurance plans only provide coverage for your personal property in the event of "covered perils," like fire or theft. Unfortunately, damages caused by your pets aren't considered a covered peril. Therefore, they aren't covered by renters' insurance policies. This means that you are liable for any damages or losses caused by your animal. So, if your dog rips up your landlord's new leather couch or your cat swallows your wedding ring, your insurance company won't pay out because in bringing a pet into your home, you assume the risk. But, if your pet damages someone else's property, your renters' insurance liability clause might step in to cover these damages, as this would usually fall under the liability portion of your rental agreement. So if someone is threatening to sue for damages, don't panic.
Why Do Landlords Ask for Pet Damage Renters Insurance?
Landlords are often not familiar with what a renters insurance policy covers. What they are really asking for is liability coverage in case you cause damage to their property. Renters insurance covers this. However, they may also wish to be indemnified against a loss for damage caused by your pet, and they need to know that this is not part of your policy. It's your pet, so they want you to take responsibility if someone suffers an injury on their property. You must disclose exactly what kind of pet you have when you're buying a renters insurance policy. Your insurer is within their rights to cancel your policy if you purposefully misrepresent information about your living situation. If that happened, you could be without coverage and without defense. Honesty about your pet is crucial.
What Can I Do?
As a tenant, you need to make an effort to keep your landlord happy because you may need to call on them in the future for a rental reference. If your landlord isn't pet-friendly, we suggest that you offer an extra deposit to cover the risk of pet damage which can be returned to you at the end of your tenancy. Tell your landlord that your pet has been trained properly and offer them a copy of any trainer certificates to keep for their records. If your landlord is pet-friendly but is still asking for pet renters insurance, tell them that you can cover animal liability but no pet damage. This may be just what they were asking for in the first place, only in different words. Your landlord wants you to be covered, so don't be afraid to ask for clarification.