Many people believe that home insurance policies are something that you purchase, pay when needed and forget about. This is a misconception, however, and many changes you make can impact your coverage.
Is owning a pet one of them? Let’s take a look.
What type of pet do you own?
When we hear the word “pet,” we think of cats, dogs or caged pets like hamsters and gerbils. But not every homeowner is into cute, fluffy and cuddly. Certain types of pets make insurance companies wary, and they may demand that you pay more or decline to insure you altogether. Exotic and dangerous pets — poisonous snakes or monkeys — are more likely to cause problems.
With dogs, breed matters
In most cases, having a cat or dog on a homeowner’s insurance policy will not change anything. However, some providers will charge a premium for certain breeds. Pit bulls, rottweilers, Dobermans, huskies, akitas and other similar breeds or large dogs will often increase insurance rates.
Homesteading and insurance
As of late, homesteads and hobby farms have become quite popular, even in relatively suburban areas. While these endeavors can be rewarding, they can also cause some trouble. Even if the city or county permits farm animals, the insurance company may not be so approving.
In general, unless the property is large enough for the animals and designed to accommodate them, it can negatively impact coverage.
Should you inform your insurance company?
Knowing that it could cost you more in homeowner’s insurance, you might wonder if the better choice is to not mention pets to your provider. It could save you money in the short term, but in the long run, it has the potential for terrible consequences. Part of your policy is liability coverage, which if you declare your pets, will cover something like a dog bite.
Are you in need of an insurance policy that will cover your pets? Speak with an insurance broker to find the right policy for you.
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