As a renter in Calgary, you may already know the importance of tenant insurance. It’s a safety net for your belongings but also covers you in case of a liability claim. However, if you’re a pet owner, you may have noticed that your insurance quote can fluctuate.
But why exactly does owning a pet impact your tenant insurance premium? In this blog, we’ll explore how your pet policy can influence your quote and why renters with pets need to understand these factors.
The Role of Pets in Tenant Insurance Quotes
When it comes to insurance, pets are often seen as a potential risk. This is not to say that all pets are troublemakers, but certain factors make insurers more cautious when covering renters with animals.
Pet ownership can impact tenant insurance in a few key ways:
- Risk of Property Damage: Pets can sometimes cause damage to your rental unit, whether it’s chewing furniture, scratching doors, or making a mess of the carpets.
- Liability Risk: If your pet were to injure someone or cause an accident, the resulting liability could lead to significant financial costs.
- Breed Restrictions: Some insurance companies may have breed-specific exclusions or higher premiums for renters with certain types of pets, such as big dogs or certain breeds considered more aggressive.
How Pet Policies in Rentals Influence Your Premiums
Landlord pet policies are an essential part of this equation. When renting in Calgary, your lease agreement may have specific clauses regarding pet ownership. These policies can have a direct impact on your tenant insurance premiums.
If your landlord allows pets, their pet policy may influence how your insurer evaluates the risk. Many landlords will require pet owners to provide proof of insurance, either as part of the lease or as a condition for pet approval. This is because landlords are often concerned about potential property damage or liability risks associated with pets.
- Pet Deposits or Fees: Some landlords charge additional pet deposits or fees to cover potential damage caused by pets. This may not affect your insurance premiums directly, but it indicates that the landlord perceives pets as a higher risk.
- Pet Restrictions: Certain rentals may restrict the type, size, or number of pets. For example, a landlord may only allow small dogs or cats, which could result in lower insurance premiums compared to larger or more high-risk pets.
Risk Factors That Affect Insurance Quotes
When determining how much to charge for a tenant insurance policy or types of tenant insurance policies, insurers consider a range of risk factors. Pet ownership is just one of these factors, but it can significantly impact your premium.
Here are some of the primary risk factors insurance companies evaluate:
Property Damage Risk
Pets, especially active or big animals, can be prone to causing damage to the property. Chewed furniture, scratched walls, and soiled carpets are all potential concerns that can lead to higher premiums.
Liability
If your pet causes harm to someone else or their property, you could be held liable for medical expenses or property repairs. For example, your insurance coverage may be activated if your dog bites a visitor or causes a car accident by running into the street.
Breed Specific Risks
Insurance companies may assess certain dog breeds as more dangerous or prone to causing injuries. Big dogs, like Pit Bulls or Rottweilers, are often considered higher risk and may result in higher premiums or even exclusions from certain policies.
Key Considerations for Renters with Pets in Calgary
For those renting in Calgary, it’s essential to understand the city’s unique regulations regarding pet ownership. Calgary’s pet policies, both at the municipal and landlord level, may significantly affect your tenant insurance quote.
Municipal Pet Bylaws
Calgary has regulations in place for pet owners, particularly regarding dangerous or restricted breeds. These laws can influence the type of pets allowed in rental properties and insurance costs.
Negotiating with Landlords
If your rental agreement doesn’t permit pets, you might be able to negotiate with your landlord for an exception. If this happens, review your tenant insurance policy to ensure that pets are covered under the terms.
Finding Pet Friendly Rentals
There are plenty of pet-friendly rental options in Calgary, but not all are created equal. When browsing for rental homes, make sure to inquire about the pet policy and how it might affect your insurance.
Conclusion
Pet ownership impacts your tenant insurance premiums in Calgary, primarily due to the risks associated with property damage and liability concerns. However, you can find ways to keep your premiums affordable by understanding your landlord’s pet policy, being a responsible pet owner, and opting for the right coverage.
Looking for affordable tenant insurance quotes that work for you and your pet? Don’t let high premiums stand in your way; reach out to us for an insurance policy that lets you keep your pet and stay on budget.