Of course, always speak to your local agent if you are afraid your policy might exclude your dog’s breed. Most insurance companies list aggressive dog breeds that they refuse to cover. Here are some examples of exclusions on pet liability for renters: Certain Dog Breeds It’s hard to know, sometimes, if your pet poses a significant risk to insurers. But if the same pet damages a visitor’s property, your insurer may cover you under your liability policy. Your insurer will not cover damage to personal belongings if you have a risky pet that eats your leather backpack. Insurers don’t want to cover a pet if they’re a big liability issue. Remember, not every pet damage case is protected by liability insurance for renters. When Liability Insurance Doesn’t Cover Your Pet The prices have increased because medical expenses and settlement costs have gone up significantly in that timeframe. And the average cost per claim has risen nationally by 134 percent from 2003 to 2019. As a rule of thumb, most liability coverage limits run between $100,000 and $300,000 on renters insurance.Īccording to the Insurance Information Institute, in 2019, the average cost insurance companies paid out in dog bite claims in the United States was $44,760. In the worst-case scenario, $100,000 wouldn’t be enough. But if you own a dog, you run the risk if your dog bites someone else or chews through expensive personal property. A low-risk pet won’t warrant coverage over $100,000, that’s for sure. Perhaps you own a pet with low risks like a goldfish. That means you should weigh your potential risk and the severity of possible damages. Most renters pick their liability coverage limits depending on the risk of something terrible happening. Be aware that you will have to pay anything beyond the liability coverage limit. The policy limits will cover legal fees and damage costs. A standard renters insurance liability policy will have coverage limits up to $100,000. That’s why it’s up to you to choose the correct liability coverage limit on your renters insurance policy. You never know when or how much you’ll need to use your liability coverage. Pet Liability Insurance Coverage Limits for Renters Your insurance company will pay the fees associated with the suit through your liability insurance policy. If your guest doesn’t accept the settlement, they may take you to court. If you are found liable, your insurer will settle with your guest for medical payments and damages. The visitor can file a claim through your insurance company. Luckily, you have renters insurance to cover your visitor. The damage prompts a visit to the emergency room. Your pet causes damage bad enough that your visitor requires medical attention. Let’s say you own a cat, and they bite a visitor in your rental home. In this scenario, your insurance company will help cover the costs of repairing or replacing the fence if you’re found liable. Then, they file a claim through your insurance company. You give your neighbor your renters insurance information. Your pet causes enough property damage that your neighbor doesn’t want to have to pay for it. Your dog decides to chase a squirrel and barrels through your neighbor’s fence, breaking it. As a pet owner, you may face scenarios such as these: Property Damage Liability This type of coverage provides financial protection for costs associated with the accident up to a policy’s limits. ![]() Liability coverage is essential for these cases. What’s worse is when these cases happen to others. Pets can cause significant injuries or property damage. Possible Liability Insurance Scenarios with Pets Talk to your insurance agent if you think you need more liability coverage. And an average policy will include up to $100,000 in liability coverage. Your liability coverage will cover the costs of such instances. This coverage applies whether the incident occurred in your rental or elsewhere. Liability coverage is necessary if you’re held responsible for injuring another person or damaging someone else’s or your landlord’s property. You or your family members could happen upon a sticky situation. Your insurance company will reimburse you for these costs. Under loss of use in your policy, additional living expenses cover any costs you have while living elsewhere. ![]() Let’s say the hypothetical fire makes your apartment unlivable, and you have to live out of a hotel for a while. But you should have this type of coverage so you don’t have to carry the burden of replacing your personal property out of pocket. What would you do if a fire ruined your apartment tomorrow? Would you be able to replace everything with cash? Your landlord likely has insurance to cover the building and any damages due to covered events. ![]() Personal property includes the things inside your rental home, including personal belongings. Renters insurance provides three essential types of financial coverage. How Pet Liability for Renters Insurance Works
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