While pet insurance is one way to protect your pet's health in the event of an injury, damages caused by your pet may not be covered under this type of policy. Since the costs of a lawsuit involving an injury caused by your pet can be very high, determining if your pet is covered by your current insurance policy is a key part of assessing your needs. While your homeowners or renters insurance might cover some of this expense, you should first review your current coverage and limits before deciding what supplemental insurance you may need.
Pet Insurance Under Your Homeowners Policy
If your pet injures someone, and that party decides to pursue litigation, this incident may be covered under your existing homeowners insurance policy. However, you may only be covered up to a certain amount. And if you have a certain breed of dog, some insurance companies may refuse to insure your pet or will have you buy additional insurance. The American Kennel Club and Nationwide Insurance partnered up to provide owners of previously uninsurable dogs some relief. Nationwide Insurance is now issuing homeowners insurance to owners of aggressive dog breeds if the dog passes the AKC Canine Good Citizen Test.
Pet Insurance Under Your Personal Property Policy
Pets are usually covered under the personal property policy of your homeowners or renters insurance. If your pet's belongings are destroyed as a result of a fire or disaster, they'll be replaced as long as they are listed in your policy. When drafting a home insurance inventory, note any expensive items or enclosures for your animal.
Pet Insurance Under Your Renters or Homeowners Insurance Policy
Renters insurance covers damage done by your pet outside of your home. For example, if your pet causes damage to the furniture in a neighbor's house, and they decide to pursue litigation, these costs would be covered by your existing insurance. If your policy includes it, liability coverage provided by a renters or homeowners policy will also cover injuries caused by your pet in your home. No-fault medical coverage will pay for the care the injured party receives. If the injured party decides to press charges for the incident, your insurance will probably cover the cost up to a certain limit. This coverage doesn't cover injuries suffered by your pet during the incident. If you aren't sure if your policy includes this type of coverage, read the fine print or call your carrier for more detailed information. If your animal provides income for you, it may be a good idea to consider life insurance for your pet. Life and theft insurance covers theft and in some cases, death.