Page 76 - AAGLA-MAR 2022

Property Management
There are a variety of things to consider when choosing the right pet insurance plan.
• Age of the Pet: An older pet’s coverage may be more expensive or may be more difficult to obtain in the first place. It may be easier and more affordable to find accident coverage for older pets rather than a more comprehensive illness and accident policy.
• Pre-Existing Conditions: Most policies do not cover pre-existing conditions, though some may cover pre-existing conditions that are considered treatable and/or curable.
• Breed of the Pet: Coverage may be more expensive for purebred dogs with known risk factors or for those breeds that are considered dangerous. These may include, but are not limited to:
• Pit Bulls and Staffordshire Terriers
• Doberman Pinschers
• Rottweilers
• Chows
• Great Danes
• Presa Canarios
• Akitas
• Alaskan Malamutes
• German Shepherds
• Saint Bernards
• Siberian Huskies
• Wolf-hybrids
• Or a mix of any of the above of pets
Some carriers may offer reduced rates for multiple-pet households.
• Lifestyle of the Pet: Indoor pets that are well-cared for and kept away from other animals may be eligible for lower rates than active outdoor pets or those living on a farm or ranch. This is because they are less likely to be exposed to illness or to experience injuries requiring medical care.
• Type of Pet: Most pet insurance is geared toward dogs and cats, but there are specialty policies available for birds and other exotic animals.
• Other Insurance Coverage: Some insurance carriers offer bundled discounts, so obtaining pet insurance through the same company that provides auto and renters insurance policies may result in significant premium reductions.
What is Pet Liability Insurance and Do You Need It?
Pet liability coverage provides financial protection for
damage or injury caused by a pet. Liability coverage up to the policy limit may be included in a standard renters’ policy, including coverage for legal expenses, medical expenses, and damage repair or replacement. Coverage may also cover veterinary care in the event that the policy holder’s pet injures another animal.
While many insurance companies consider dangerous breeds to be primarily larger, more confrontational animals, many smaller breeds are prone to biting or to territorial behavior. In some cases, your tenant’s ill-tempered chihuahua may be more of a liability than a well-socialized, well-trained so- called aggressive breed.
What is the Difference Between Coverage Obtained Through Renters Insurance and Pet Insurance?
The primary difference between renters’ insurance and pet insurance is the illness, wellness, and accident coverage that pet insurance provides. While liability coverage may be available through an add-on to a pet insurance policy, the policy is primarily focused on providing care for the pet. By contrast, pet-related coverage on a renters insurance policy is primarily focused on liability protection for the policyholder and, by extension, for the property owner.
Is Pet Insurance Worth It For Exotic Pets?
Most pet insurance only covers the care of dogs and cats. Nationwide is one of the few insurance carriers that offers protection for birds and exotic pets including reptiles, amphibians, and small mammals. Their coverage pays up to 90% of covered treatment, including some preventive care.
You may think of exotic pets as less prone to cause damage than dogs and cats. However, a poorly cleaned cage or improperly maintained habitat may cause significant damage, including that resulting from excessive moisture or foul odors. In addition, some small pets eat a diet of live insects, which could cause an infestation. Find out what your property insurance covers and what your tenants’ renters and/or pet insurance covers to find out if you are fully protected.
Should You Require Pet Insurance?
As a property owner, your primary concern will be focused on the condition of your property. While renters’ insurance may take care of the tenant’s liability with regard to property damage or injury to others, pet insurance can offer more comprehensive protection. Imagine the potential damage caused by an animal’s illness or behavioral problem. These could include:
• Damage to carpet and flooring from frequent “accidents” caused by an untreated urinary tract infection
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