A dog may be a man's best friend, but unfortunately, if they belong to a particular breed, they may be enemies of your homeowner's insurance. Many companies will not even ensure you if you own certain breeds, and other insurers will cancel your policy once you have a claim. Is your family pet a home insurance hazard?
What Makes Your Dog an Insurance Hazard?
Do you own a Pit Bull, Rottweiler, Doberman Pinscher, or a Chow Chow? If so, you may be surprised that they are on the top of the insurance company's hit list of banned breeds. But they are not alone. Some other common breeds that cause insurance companies concerns include the following:
While your family pet may be one of the most loving dogs you know, their breed can place you at risk of not being insured. Their unpopularity is often due to the risk of expensive liability claims the breeds pose to you, the homeowner, and the insurance company. With the average cost of claims being more than $50,000 and rising, dog bite claims cost close to $800 million in 2020.
Home insurance companies may also refuse to insure you if the following apply to your pet.
While not all insurance companies restrict specific breeds, they can deny insurance on a case-by-case basis. If you incur a claim while coverage is in force, the insurance company may cancel your policy or refuse to renew your policy as long as the dog lives on the premises.
What Can You Do If Your Dog Is Banned?
You can do several things if you own a dog on your insurer's banned list. The first thing is to shop around. Remember, not every insurance company carries a ban list and will provide homeowners insurance no matter what breed of dog you own.
Consider increasing your liability insurance coverage if you own a high-risk dog breed. Liability is the portion of your home insurance policy that protects you in case of a dog bite claim. If you own several high-risk dogs, consider purchasing an umbrella policy. This type of policy will increase your coverage for dog bites and cover and increase your insurance in several other liability areas.
For more info about homeowners insurance, contact a local company.
Share21 February 2023
Hi, my name is Dwayne Norton and this is a blog that you should read before you purchase residential insurance. This type of insurance is for home and mobile home owners, landlords and renters. It's so important that individuals have the right kind of insurance that's needed for their specific situation. It's also important that individuals don't pay for types of policies they don't need. I had to learn about residential insurance right when I purchased my new mobile home. Since I wanted to learn everything about this type of insurance, I spent many hours doing research before I actually bought my policy. I'm writing this blog so that I can share all that I've learned with other people. It's my intention to help others discover what they need to know about residential insurance.