Renters Insurance vs. Pet Insurance: What’s Covered and What’s Not
Whether you're moving into your first apartment or bringing home a new furry friend (or two), insurance can come in handy. Your landlord may require you to have renters insurance, or you may have purchased coverage on your own. But if you have a dog or cat, you may be wondering if you need a separate pet insurance policy, too.
Pet insurance and renters insurance are very different products, and you may need both forms of coverage to protect you and your pet.
Renters insurance vs pet insurance: Quick answer
Renters insurance may cover pet-related liability damage and medical bills, but it won't cover your pet's health. Pet insurance helps pay for your pet's treatments for injuries or illnesses, but not if it damages your neighbor's property or injures a guest in your home. When you purchase both forms of insurance, these policies provide a safety net for your home and your furry friend — plus some extra peace of mind.
What does renters insurance cover?
Renters insurance, also known as tenant coverage or apartment insurance, protects you and your personal belongings inside your rental unit. A standard renters insurance policy typically includes two forms of coverage:
- Personal property coverage: You come home one night and notice that thieves broke into your apartment and stole your laptop and jewelry. Or, a fire damaged your clothing and furniture. Personal property insurance helps pay to replace the lost or damaged items.
- Personal liability coverage: A guest falls in your home and breaks their arm. Or your pet is startled and bites a visitor. A personal liability policy pays for their medical expenses and your legal costs resulting from liability claims. It can also cover damages your pet causes to a neighbor's property. If your pet destroys your neighbor's lawn furniture, for example, renters insurance can help.
Renters insurance and pets
When it comes to your pets, renters insurance only provides liability coverage if your pet damages your neighbor's property or injures someone. However, renters insurance doesn't cover your pet's health or veterinary bills. Additionally, renters insurance providers typically exclude breeds they deem high risk, including pit bulls, Dobermans and Rottweilers and exotic pets like reptiles, birds and ferrets.
What does pet insurance cover?
Pet insurance is a specialized form of coverage that helps make the cost of emergency veterinary bills more affordable. These policies reimburse you for the cost to diagnose and treat accidents and sudden illnesses, including hospitalization, lab tests, X-rays, surgery and medications.
If your dog is hit by a car or if your cat eats something they shouldn't, pet coverage will reimburse you for eligible veterinary expenses (minus your deductible). A pet insurance policy also covers treatments for chronic or congenital health issues, as long as they weren't pre-existing conditions.
Let's say your veterinarian diagnoses your dog with hip osteoarthritis and recommends a total hip replacement. On average, this procedure costs about $7,000, according to a publication from the American Veterinary Medical Association. If you have a pet insurance policy with a $500 deductible and an 80% reimbursement percentage, here's how your policy would help with the cost:
You pay the bill upfront, then file a claim with your insurer. Pet insurance will reimburse you 80% of the $7,000 bill, or $5,600, minus the policy's $500 deductible (which you pay out of your own pocket). All told, your insurance policy would reimburse you $5,100 of the cost.
Pet insurance and renting
Pet health insurance only covers sudden illnesses or injuries your pet develops; it doesn't provide any coverage for pet-related incidents, damages, or injuries your pet causes to other people or their property. Some companies offer add-ons for pet liability coverage, but these are the exception, not the norm.
Renters vs. pet insurance: Which coverage do I need?
Renters insurance and pet insurance can complement one another. If you rent a home and have a pet, you may benefit from having both forms of insurance. The table below shows examples of what events are covered under each type:
Renters insurance | Pet insurance | |
|---|---|---|
Your cat has an eye infection | ✗ | ✔ |
Your cat is bitten by a neighbor's dog | ✗ | ✔ |
Your dog has a broken bone | ✗ | ✔ |
Your dog destroys your neighbor's garden | ✔ | ✗ |
Your dog knocks over your neighbor, causing an injury | ✔ | ✗ |
Who needs renters insurance?
Renters insurance can be a worthwhile investment in the following scenarios:
- Your landlord requires it for their rental properties
- You own pricey electronics or collectibles that would be difficult to replace
- You have a pet that could be a liability risk, such as a large dog
- You want peace of mind in case of accidents involving guests
Who needs pet insurance?
Pet insurance can alleviate the financial stress of caring for a sick or injured pet. You can rest easy knowing you have some financial protection and your pet will get the care they need in an emergency.
Pet insurance makes sense if you meet any of the following criteria:
- You'd have trouble paying for an unexpected emergency veterinary bill
- Your pet is a breed prone to health issues
- You want to reduce the financial stress of unexpected vet expenses
Never forget: they’re family, too. Make sure they’re protected!
