Pet Damage Insurance
Any pet owner who rents a house or apartment knows their animal will probably do something destructive. Often, these things are small and easily taken care of, but other times they're not. Pet damage insurance covers these destructive moments with third-party liability coverage, meaning that if your pet scratches the carpets, pushes through a window screen or otherwise damages the space you're renting, it's covered. The details vary between companies, and there are several things you'll want to consider before buying such insurance.
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What's Covered
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Pet damage insurance covers any damage your pet may cause to your rental unit, up to a given amount. The amount may or may not differ depending on how long you've occupied your residence. In addition, many such plans include medical insurance should your pet have an accident or require treatment for an illness. Many policies also include recovery costs, wherein the insurance policy will pay for you to offer a reward or print up posters if your pet goes missing. The amounts of these benefits vary by the company offering the insurance.
Attached Medical Benefits
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The medical insurance offered with pet damage insurance doesn't always stack up. For example, one company was offering a $20 monthly premium for the pet damage insurance policy, but the medical benefits attached to the pet damage insurance offered half the coverage amount of its other medical insurance policies, which carried only a $10 monthly premium. For $10 a month, you could get twice the medical coverage as you could for $20 a month, although you'd have to pay out of pocket for any damages your pet caused to your apartment, if you didn't repair them yourself.
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Single Claim Only
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Another factor to consider is whether or not you can only file one claim, as is sometimes the case. You file a claim when you move out of an apartment and the insurance pays the landlord for whatever damage your pets have caused. This means that you can't file a claim and have damage repaired while living in the apartment without making it impossible to file a claim when you move out.
Term of Residency
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Another point to consider is that sometimes the amount of covered damage drops after a given term of residency. For instance, if you occupy an apartment for longer than three years, the coverage may drop from $700 to $500. If you've been paying for your pet damage insurance the entire time, you've paid roughly $720, but because of the drop in coverage, you have more than three years of accumulated damage and only $500 to pay for it. However, even if the policy you're looking at contains a reduction in coverage after a given term of occupancy, it becomes irrelevant if you don't intend to stay in the rented space that long.
The Bottom Line
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It's important to take care of your pets and to take care of your rented spaces. Consider the details of any insurance plan and ask yourself whether the benefits are worth the money. Be aware of all the details of your policy and compare policies from different companies before buying to make sure you're getting exactly what you want and need.
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References
- Photo Credit Puppies of the spitz-dog and cat in studio image by Ulf from Fotolia.com
