Pets are an integral part of most American households, and nearly all family decisions will include considerations for their beloved pet. Pet food, vet visits, toys, training – many financial burdens are placed on pet owners. But there is one that is often overlooked – homeowners’ insurance. Despite how common pets are, their presence in a home is not treated as a fact of life that insurers have to accept unquestioningly. If you need to know how your rates can be affected by pet ownership, we are here to help.
How Pet Ownership Can Affect Your Premiums
As a pet owner in Florida, it’s important to understand that your furry friends can influence your home insurance rates in non-negligible ways. While pets are not the most influential factor on your rates, they can still have an impact:
Liability Risks: Dogs, especially certain breeds, can increase liability risks, leading insurers to raise premiums. If your pet has a history of aggression or is a breed often labeled as dangerous, you might face higher rates. Not all homeowners’ insurance includes liability coverage, but this is a factor to keep in mind for those that do.
Property Damage: Pets can cause property damage, which insurers take into account. Chewed furnishings or scratched floors could signal potential claims, and more significant damage to doors and windows might mean that weather and outside elements damage your home.
Each insurer evaluates risks differently. Disclosing pet ownership is often a requirement for insurance, as well as rental agreements and loans.
Liability Concerns Associated With Pet Ownership
Dog bites are the most common liability issue for pet owners. You could be held responsible for medical costs and other damages if your dog injures someone, even more so if you were negligent and didn’t take steps to safeguard the public. While attacks and liability issues are not exclusive to dogs, a cat or fish isn’t likely to cause significant damage to a human.
Certain breeds may be considered higher risk, impacting your insurance rates or coverage availability. Pit bulls, rottweilers, German shepherds, and other large breeds might make your insurance provider deny or hike prices related to homeowners’ liability insurance. You should shop around to see which providers give you the best rate based on breed.
Mitigating Risks and Insurance Discounts
As a pet owner in Florida, your actions can lead to you and your household qualifying for home insurance discounts. Don’t know how to start? Here are some ways to qualify for lower rates:
Safety Training: Enroll your pet in a recognized obedience training program. A well-trained pet is less likely to cause harm, which can be favorable in the eyes of insurers.
Secure Fencing: Ensure your property has secure fencing to prevent your pet from escaping and causing accidents or injuries. In addition to this fencing, do not let your pet off-leash without close supervision.
Bundle Policies: Many insurers offer discounts when customers have multiple policies under the same account. The most affordable plan might not be the best option when you take into account your other existing plans and bundle opportunities.
As we mentioned, the most significant impact on homeowners’ insurance rates will be related to dog bites. Over half of all American households own a dog, making it an important consideration for insurers. However, certain cat breeds are also known to cause higher levels of property damage, and exotic pets may have your insurance company double-checking your applications.
Are you still unsure how your pet will influence your insurance rates? You don’t have to research and shop for the best rates yourself – our team can help. Contact Anderson & Associates Insurance Group today for help securing the lowest rate that protects your pets and home.
