When it comes to renting a property, pets can be one of the biggest obstacles landlords will face. The simple fact is that most are unwilling to leave behind their pet in favor of a new property. As such, it often falls upon the landlord to dictate how the situation will be handled. One of the more common ways for landlords to address this common problem is through the employment of renters insurance. For those who are not versed on the topic, here is all you need to know about pets and renters insurance!
What Is Renters Insurance?
Renters insurance is a type of insurance that will explicitly cover any damages you may incur on a property. This type of insurance usually won’t cover pet damage explicitly, and as such, it covers all damage that would reasonably be caused by a tenant. Even so, many renters insurance policies will have a separate policy for pet damage.
Renters Insurance Liability Coverage Limits
As with all types of insurance, renters insurance has liability limits when it comes to damage caused by a pet. In essence, this means every policy will have a maximum monetary amount covered inherently within it, including any extra damages that have to be paid by the tenant. When you’re choosing your renters insurance plan, weigh the risks and rewards of choosing certain plans. Cheaper plans will have less coverage but will be less costly per month, while larger policies will take more money to keep in effect.
Dog Breeds and Renters Insurance
The premiums of the insurance will go up or down depending on what dog breed is in the space. Some dog breeds are inherently more destructive or dangerous than others. This system is very similar to car insurance, where the faster, more dangerous cars have higher premiums simply because they have a higher rate of collision and injury.
Pets are central to many people’s lives. This is why it is so important to learn about pets and renters insurance. If you’re looking for a property management company in Windermere, reach out to Russell properties. We’re dedicated to making the rental experience as easy and simple as possible!
