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Renters insurance may cover pet liability, not damage to your unit
Industry estimates cited by Yahoo Finance put the average cost of a dog-bite claim at $65,450, and dog bites affect about 4.5 million people each year in the U.S.
Yahoo Finance reports that renters insurance typically does not cover day to day pet costs or damage to a renter's own belongings or rental unit, such as a cat damaging furniture or a dog generating vet bills from swallowing an item.
The outlet says the main pet related benefit is liability coverage, which can apply when an animal injures someone or damages someone else's property, including incidents that occur inside the home or in public.
Yahoo Finance cites Insurance Information Institute estimates that a single dog bite claim can cost $65,450, and that about 4.5 million people are bitten by dogs each year in the U.S.
The article notes many renters policies include $100,000 to $300,000 in liability coverage, with an option to increase limits, and it highlights a key coverage distinction: damage to the renter's own unit is generally not covered, while damage to a neighbor's property may be.