How pets can affect homeowner’s insurance
They say that dog is man’s best friend, but not if you are a company that offers homeowner’s insurance for pets. Insuring dogs under your insurance policy can be complicated and can leave you with gaps in coverage, or a higher than average premium if you don’t shop around enough, and don’t do your homework on what breeds and animals are the most troublesome.
No-Insure Dog Breeds
Many insurance companies refuse to insure dogs that have a reputation for being dangerous. Some companies extend that to any dog of a certain size, as they are more likely to inflict damage if a bite occurs. When looking for homeowner’s insurance for pets, it is important to consider the breeds that consistently make insurance companies’ “bad dog lists.” Akitas, Chow Chows, Pit bulls, Rottweilers and Doberman Pinchers traditionally make the list because of their size and muscularity.
Companies that are willing to insure such dogs may charge a premium or require you, the homeowner, to carry higher limits and higher deductibles. The dog will need to be properly registered and licensed, as well, as per the rules of your city and state, to be covered under the homeowner’s policy.
If you have a dog breed that regularly makes the dangerous list, it is best to shop for a provider who considers dogs on a case by case basis, such as whether or not your dog has ever had a bite incident or has acted aggressively. This can be hard to find, so you’ll need to ask questions when you get quotes.
Small Dogs Might Raise Premiums Too
You might think that having a little dog makes finding homeowner’s insurance for pets easier, but that isn’t always the case. Some companies will look at the aggressiveness of the breed, rather than the size of the dog when considering insuring animals under an umbrella policy. Dachshunds and Chihuahuas consistently rank as having above average aggression, despite their petite sizes. This can be problematic for insurance companies.
If you have a more aggressive breed, be prepared to pay higher premiums, and to provide information about your pet before a company is willing to insure them. Even mixed breed dogs can get a bad rap, so be sure you know what type of dog you are dealing with before you shop around.
Exotic Pets
If you aren’t the cuddly puppy type and you prefer more exotic animals, it is best to contact your insurance provider to find out whether or not your pet is covered. According to recent statistics, about 10,00 big cats are registered as pets in the United States. Wolf dogs are a common pet, but they can wreak havoc on your insurance. In some cases, bites from exotic pets will not be covered, as the wild animal is considered too unpredictable to insure.
Pets can certainly complicate a homeowners’ insurance policy, but it doesn’t mean you are uninsurable. The best thing to do, as a pet owner, is to shop around for a company who has pet-friendly policies. They may come at a higher cost, but they will offer you the peace of mind you, and your four-legged friend needs.
Equal Housing Lender