Protect Your Pet And Your Pocketbook

Your pet is part of your family and just like the rest of your family they can get sick or hurt and cause damage that you’ll be liable for. That’s the bad news. The good news is that there are a variety of insurance products that can help protect you from the financial costs that come along with these unfortunate events.

Pet Health Insurance

If you have a dog, cat, or any other animal you keep as a pet, you’re probably not a stranger to the local veterinarian and aware that it can be expensive, especially when the situation calls for tests or surgery. Pet health insurance is similar to health insurance policies for people with features such as annual premiums, deductibles, co-pays, and caps. Health insurance is available for most types of pets, including dogs, cats, rabbits, ferrets, exotic birds, reptiles, potbelly pigs, and certain rodents. The cost of coverage is typically based on the animal’s age, health profile, and level of care you want for your pet. Generally, older animals cost more to cover and some companies have age limits. There may also be exclusions for pre-existing conditions and some insurers may not cover breeds that are prone to hereditary conditions. Here are the general levels of coverage:

• Basic coverage – The least expensive option. Provides the lowest reimbursements for procedures and will help pay for accidental injuries, poisonings, and illnesses (including cancer). These policies usually include an annual deductible, caps on reimbursements per accident or illness, as well as caps on total reimbursements per policy term.

• Comprehensive coverage – Pricier than basic coverage. Offers more generous benefits, such as reimbursements for accidental injuries, emergencies, and illnesses, and coverage for office visits, prescriptions, diagnostic tests, X-rays, and lab fees. These policies feature lower annual deductibles than those for basic coverage, but also cap reimbursements per accident and illness, as well as on total reimbursements for the policy term.

• Pet well care protection – Reimburses for preventive care, including physical exams, flea and heartworm prevention, and vaccinations. While there is no deductible for well-care, there is a nominal deductible for other medical services.

When shopping for pet insurance, you may come across something called veterinary discount plans, which are membership-based services rather than an insurance policy. With a veterinary discount plan, members pay a monthly fee and receive reduced rates on pet services, medical procedures, prescriptions, and products from a group of veterinarians who participate in the plan. In the event of a catastrophic and costly pet illness or injury, a discount may help but you’ll likely still have to pay for much more than if your pet is insured. Also, veterinary discount plans are not regulated by law, unlike insurance.

General Insurance Protection For Pets

Homeowner’s insurance policies may offer some protection when it comes to pets. Here are some common coverages you might find in a homeowner’s policy:

• Liability – If your animal (usually a dog) bites someone causing injury, and you are sued, your homeowners or renters insurance policies will provide liability protection to defend you in court. Most policies will exclude dogs with a history of biting and aggressive behavior. Also, many homeowner associations restrict breeds that are considered dangerous and may require owners of these breeds to carry additional liability coverage.

• Personal property – If you like to spend money on accessories for your pets, these items are covered under the personal property section of standard homeowners and renters insurance policies. 

Pet Life and Theft Insurance

Animal life and theft insurance is meant to cover the lives of unusually high-valued animals and is typically taken out by zoos or owners of championship cats, dogs, horses, and police dogs. The policy reimburses owners of stolen animals and pays a death benefit if an animal dies during transport or other covered events.

If you’ve got furry friends as members of your family and you’d like to know more about making sure you’ve got the right coverage just let us know.