As you get older, you get more life experience and learn that accidents happen, sometimes in the form of natural disasters, leaks, floods, or pets, that can lead to thousands of dollars in damages. An important part of renting a house is making sure that you are prepared for those accidents in order to protect yourself and your assets. Today, this is made easier with renter’s insurance, which with an individual renter’s insurance policy can cover your personal belongings, you and your family members from liability lawsuits, and the expenses associated with having to temporarily live somewhere else. Respectively, these are called personal property coverage, liability coverage, and additional living expenses coverage. They all seem straightforward until you delve into the realm of pets, which are usually considered personal belongings or property, and the damages they might incur.
Most renter’s insurance policies have exclusions that frequently include exotic pets such as reptiles, specific breeds of dogs, and dogs with a bite history. One option to cover these types of exclusions are to purchase an umbrella liability plan that would supplement and cover the gaps in the original renter’s insurance plan, and another is to purchase a pet liability plan that pertains to your specific needs.
A common example used is the pit bull, which some insurances do not cover because of the perceived notion that they are aggressive dogs and prone to bite. A lesser example would be owning an aqauatic turtle that needs a large aquarium filled with 30+ gallons of water in which the tank or filter might leak. One thing that is important for the buyer to consider when picking renter’s insurance is how much they can afford to pay a month, what their specific and unique needs are, and what kind of deductible they are able to pay in case of a claim that requires coverage.