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.