WITHOUT EXOTIC PET LIABILITY INSURANCE, YOU MAY BE LEFT EXPOSED
WHAT YOU NEED TO KNOW ABOUT AN EXOTIC PET LIABILITY
Are you aware that exotic pet liability insurance can salvage any risks that you, as an investor, can have? Exotic pets can no doubt be interesting - from tarantulas to chimpanzees and everything in between.
For Texas, the laws can be extremely complex and differ greatly for the type of exotic pet in question. For example, an individual would need a license when it comes to bears, cougars, chimps, etc. but no license is needed when it comes to owning a wolf or monkey.
However, as a landlord, exotic pet liability can be an even further complex issue when you consider the risk.
What Is An Exotic Pet Liability Insurance?
In essence, Exotic Pet Liability Insurance simply refers to the coverage that is put into place should something happen with the exotic pet. For example, if the exotic pet gets loose and then injures another resident, you may be at risk. We have seen this particular instance occur with a black panther who not only got loose, and scared many residents, but actually mauled a small child. It is not just the tenant that is then held liable, but also the landlord as well.
Do I Need Exotic Pet Liability Insurance?
Not necessarily. It is possible that you, as a landlord, can simply ban exotic pets from your properties altogether. This is especially a viable solution if you own a multifamily property. However, if you do accept that your tenants will potentially have exotic pets on the premise, then you need to ensure that you look into exotic pet liability insurance to help mitigate risks.