Renters Insurance: Is A Pet In The Home?

If you have a pet in your rented residence, you should consider renters’ insurance pet policies. This type of insurance was designed specifically for owners of pets living in rental accommodations. The names of the programs vary, but may include names like tenant care for dogs, etc.

What’s Included in Renters’ Insurance Pet Policies

The type of coverage generally includes illness and accident, as well as some additional benefits. There’s a deductible, and some exclusions and limitations apply. For accidents, some covered areas include accidental ingestion of foreign objects, motor vehicle accidents, bone fractures (not caused by motor vehicles), poisoning, burns, lacerations, and allergic reactions to bites and/or stings. Other benefits may include coverage to any damage to your property unit caused by your pet (known as 3rd party property damage coverage), recovery costs (this pays for advertising to retrieve/recover your lost pet), years 1 to 3 of occupancy, and years 3+ of occupancy.

Other Considerations for Renters’ Insurance Pet Policies

The premiums are usually quite low – and can be as little as $15 to $20 per month for a basic policy. You will have to pay a deductible, probably around $50 (although these vary, depending on your coverage). How much coverage you want and any special benefits will also affect your premium. Be sure to take an inventory before you apply for the insurance, documenting with photos the condition of your rental accommodation. Ask your insurance agent to explain all the policy features and any pertinent drawbacks before you buy.

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