Homeowner's Insurance and Your Pet
One issue to look for when you're getting a house insurance quote is the effect that you pet may have on your premium or even your insurability. The Insurance Information Institute released a study stating that:
Dog bites account for more than one-third of all homeowners insurance liability claims, costing $412 million in 2009, up 6.40 percent from 2008, according to the Insurance Information Institute (I.I.I.). An analysis of homeowners insurance data by the I.I.I. found that the average cost of dog bite claims was $24,840 in 2009, up slightly from $24,461 in 2008. Since 2003 the cost of these claims has risen nearly 30 percent. Additionally, the number of claims has increased 4.8 percent to 16,586 in 2009 from 15,823 in 2008.
Insurance companies want to keep their payouts low in dog bite claims, so your coverage may be limited in the case that your dog bites someone. Be sure that you know the liability limits on your policy. And, if you own certain breeds of dogs, you may face higher premiums or be asked to sign a liability waiver that would specifically excluded dog-related claims from your policy.