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Property Management
Is Pet Insurance Worth It and Should You Require It?
Go beyond the pet deposit and learn if requiring pet insurance is worth it
Article Contributed by RentSpree
ADisclaimer: This article is not legal advice. Any legal information is not the same as legal advice, where an attorney applies the law to your specific circumstances, so you should consult an attorney if you would like advice on your interpretation of this information or its accuracy. You may not rely on this article as legal advice, nor as an endorsement of any particular legal understanding.
merica is a country of pet lovers; Who Are the Major Pet Insurance Carriers?
more than 100 million households have either a dog or cat and millions more have birds, fish, and other small mammals and reptiles. That translates into a $19 billion veterinary care market each year for everything from wellness visits to emergency services
for US pets. To increase affordability and facilitate proper veterinary care, pet insurance policies have become more and more prevalent in recent decades, with a growing number of insurers offering various levels of coverage to meet the needs of pet owners.
What is pet insurance and how much does it cost? Is pet insurance worth it? How can one determine which pet insurance company and policy is right for their pet? As a property manager or landlord, should you require tenants to carry pet insurance or is renter’s insurance sufficient to protect you and the property owner in the event of pet- related damage or liability?
What is Pet Insurance?
Pet insurance came about as an outgrowth of the livestock and agricultural industry. For much of the twentieth century, it was limited to policies for celebrity pets or those that in some way generated revenue. During the twenty-first century, it has become a more and more common way of making veterinary care more affordable and protecting pets and their owners, thus making pet insurance worth it to pet owners.
Pet insurance covers a range of medical and behavioral issues, depending on the type of coverage chosen and the individual policy limits. Pet insurance generally will not cover pre-existing medical conditions but will cover medical care and treatments for a variety of accidents, illnesses, congenital conditions, and behavioral problems. In addition, pet insurance policies offer a selection of add-ons for even more protection.
There are a number of different insurers who offer pet insurance coverage. These include:
• Pet Assure: Pet Assure is a discount plan that offers instant enrollment and savings on a variety of veterinary treatments.
• PetFirst: PetFirst offers a variety of price points and packages to fit any budget.
• USAA: Available only to members of the military and their immediate family members, USAA offers discounted coverage through Embrace.
• Embrace: Embrace offers coverage for accidents and illness with add-ons for wellness services.
• ASPCA: ASPCA offers discounts for each pet covered, so it’s a great option for multi-pet households.
• Geico: Geico offers pet coverage which can be bundled with other coverage options in order to take advantage of discounted rates.
• Nationwide: Nationwide offers both wellness and treatment insurance as well as exotic animal insurance.
• Hartville: Hartville covers pets of any age, so it is a popular choice for pet owners with older animals.
• 24PetWatch: Coverage includes accident and illness protection as well as pet safety coverage, including lost pet recovery services.
• Figo: Figo covers alternative treatments like chiropractic services and acupuncture.
What to Think About While Answering the Question is Pet Insurance Worth It?
Pet insurance is not a one-size-fits-all financial product.
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