While homeowners often think about natural disasters while assessing insurance for their home, they never consider their dogs. Unfortunately, pets, too, may become a liability.
With the rate of claims involving dog bites on the rise, homeowners and renters should think about their options.
According to data from 2017, there were 18,522 incidents involving dog-related injuries that year alone. That’s a 9.5 percent increase from 2003. In addition, the payouts for dog bite claims rose 93.4 percent also since 2003.
According to insurance experts, if you’re a renter or a homeowner and you own a dog, you should consider a dog bite incident could happen. What’s worse, it may be expensive if someone is seriously injured.
Now, the average dog bite claim costs $37,051 as opposed to $19,162 in 2003. Because of the higher medical expenses and the increased costs associated with the claims and judgments, a dog bite incident may break the bank of a low- or middle-income household.
Most standard homeowners and renters insurance policies do offer some kind of dog bite liability coverage. However, there are many details of which pet owners should be aware. Aside from the dog bite incidents, pet-related claims may involve other related injuries such as a highly energetic pup knocking over an elderly guest or causing a bicycle rider or a pedestrian to fall and hurt themselves because the animal startled them. If restrictions apply, then insurers may not cover certain claims.
Many insurance policies won’t cover certain breeds such as Rottweilers, pit bulls, and wolf hybrids. If you own one of these pets, you may have a harder time finding an insurance company that covers any potential claims. That’s why it’s important to shop around for a better policy and an insurer who will work with you.
If you’re curious to know more about what experts are saying, click here.