If you are a pet owner, you appreciate their value and companionship. For some, pets can also be a significant financial investment. Insurance is a tool that can help to keep your pets healthy and alive which, in turn is a protection for your investment.
Pets are usually not covered under a homeowner’s insurance policy. Language in this policy usually states flatly that there is no coverage for animals, birds or fish. As an alternative protection, health insurance policies have evolved for pets, which work very much like health insurance policies for humans. These are designed to cover medical expenses incurred when a pet is injured or if a pet contracts a disease. These policies do not offer benefits in the event of death however.
If you are looking for an insurance policy that will replace the monetary value of a pet, you should consider a mortality policy. These are typically used for show animals and thoroughbreds. Valuation of an animal is an important consideration when purchasing a mortality policy. If you feel that your pet is priceless, a mortality policy is probably not right for you. If you know exactly what your pet is worth, then you are a good candidate. You may be required to produce documentation that came with the animal that will speak to its pedigree, and to the amount of money you actually spent to purchase it. If you are a breeder, comparable sales will usually suffice.
Another insurance related factor when it comes to pets is liability. Owning a pet has risks involved, as they have been known to bite, scratch, claw, and chase humans. If you are negligent in the ownership of a pet to the extent that the pet has known dangerous propensities and you fail to do anything to control it or warn others, you could become liable to injuries caused by that pet.
The liability section of your homeowner’s insurance policy or umbrella policy will protect you in an incident such as this. Be aware however that insurance companies are very selective about pet ownership and will often require you to describe your pets on an insurance application. Several breeds of dogs have been banned by many insurance companies due to their dangerous nature.
Loss control is the best measure for pet owners on all fronts. Do healthy things for your pets, select quality breeders, and be sure your pets are properly trained, and restrained.