Is my pet covered by my home insurance?
Your pet is like family, and as much as you don’t want to think of something bad happening to a family member, it is always better to be safe than sorry. Having coverage for your pet can help in the event that they get sick or injured, or if they cause injury to someone else while on your property.
According to the Ontario Veterinary Medical Association, only about 3% of Canadian pet owners actually have pet insurance. The low numbers are thanks in part to the fact that many find the nature of pet insurance policies confusing and are not sure what is covered or what coverage to opt for. But, many may not know that they could have coverage already through their home insurance.
Your existing home insurance
With your existing home insurance policy, you should have some level of coverage when it comes to your pet. This varies from insurer to insurer, so it is important to speak to your broker and understand what coverage you have with your policy. If you are shopping around for home insurance, and have a pet, make sure you keep their coverage in mind when choosing an insurer.
What it covers –Typically your existing home insurance will cover the liability surrounding your pet. Meaning, if they injure someone while they are on your property, your home insurance will cover any medical and legal fees. However, this coverage does not often protect you in the event that your pet gets sick or injured.
Getting additional coverage
Added premium –Some insurers are able to offer more advanced coverage in the form of an additional premium attached to your home insurance policy. This works much in the same way as adding a premium for art or collectables. For an added cost that is worked into your existing insurance you can obtain a more completely level of coverage that goes beyond what your home insurance initially offers. This way you will not only have liability coverage for your pet, but also coverage if they get sick or injured, saving you $1000s on vet bills.
Pet insurance –If your insurer is not able to provide the level of coverage that you need through your home insurance or additional premiums, then pet specific insurance may be your best option. There are a number of way you can obtain this sort of coverage, sometimes your vet will offer some sort of program, or else you could look at independent insurers that specialize in the area. You can get coverage for everything including illness, injury, preventative, and liability.