Why Pet Owners Need Renters Insurance
The Insurance Information Institute estimates that over 60 million American households own a dog. And nearly 75 million homes own a cat, fish, bird, or reptile. With pet ownership comes an onslaught of new responsibilities. Having this furry, scaly or feathery friend requires money, time and energy.
For nearly 80 million Americans who rent their homes, this responsibility also means an increase in liability. Although it is not required by law to acquire renters insurance it is suggested for those who have animals in their home to be covered. Not to mention landlords really appreciate it!
Owning a pet, it’s best to always expect the unexpected. You never know what can happen and life tends to be unpredictable -- because even the best pets are a liability risk. With renters insurance, if anything happens to a guest you are covered. For example, if someone trips over Fido and gets injured, you are far less at risk for any legal costs.
One of the biggest concerns with owning a pet is the chance of a bite. You never know if something can scare or trigger your beloved companion and worst-case scenario hurt a visitor. About 400,000 cat bites happen every year. And an estimated 4.7 million dog bites happen every year -- 800,000 of those bites require medical care. You can expect that in any situation inside and outside your home, renters liability will be there to cover you.
It is important to know, however, that renters insurance is not pet insurance. Many people get these confused. If your pet is injured or ill, renters policies do not cover these medical costs. Nor does renters insurance cover your personal belonging.
In conclusion, when it comes to your renter's policy you can expect damages caused by your pet on other people to be covered. This excludes damage to yourself, your pet and your belongings. Do your research to find out if your pet's breed is covered by different policies and how much you would like covered. The good news is, most policies won’t cost you an arm and a leg, averaging around 10 dollars a month!
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