It’s not surprising that Americans love their furry friends, but few people will opt for pet insurance unless the choice is offered to them. As more companies begin to support a dog-friendly work environment, however, pet insurance is becoming more popular than ever.
So far, more than 400 companies in Florida alone offers pet insurance. While this might not seem like a whole lot for an entire state, this is more than double the amount of pet insurance providers seen even five years previously.
This is the result of a variety of factors. After all, people love their pets and a dog’s presence in the workplace has been shown to mitigate stress and promote a stronger workplace culture.
Nationwide has certainly caught on. So far, the insurance provider has maintained deals with more than 7,000 companies throughout the United States.
“I’ll put it this way,” claims Nationwide’s pet insurer president, Anthony Sharett. “Where millennials are moving are good markets for us. They have the greatest percentage of pet ownership. One of the things we see is that offering pet insurance helps increase workplace engagement.”
While pet insurance is a great lure for potential new hires, it also helps mitigate expensive costs for the average pet owner. Even though people with no life insurance think it’s up to three times more expensive than it really is, the cost of pet insurance is an affordable venture for most. In fact, most pet insurances require a monthly premium ranging between $28 and $45 each month.
As more and more pet owners begin to view their pets as a part of their family, pet insurance has only grown in popularity. In fact, around two million pets throughout the United States and Canada were covered by pet insurance by the end of 2017, as reported by the North American Pet Health Insurance Association.
More “Paw-rents” are striving to take better care of their furry family members. In fact, almost half of dogs in the U.S. even sleep in their owner’s bed.
But the high veterinary costs associated with emergency surgeries and medical treatments have caused what’s known as “economic euthanasia.”
Economic euthanasia occurs when an injured or sick pet needs medical treatment that the owner simply cannot afford. It’s estimated that a pet with cancer can set you back nearly $2,000 each year in therapy needed for your furry friend. This cost might result in the pet’s euthanasia, or it might result in the pet owner being forced to relinquish ownership of their family member.
Last year, American pet owners spent approximately $17 billion in veterinary costs alone.
So, is pet insurance worth it? If you want to ensure your furry friends stay healthy for a long time, it might be. While pet insurance doesn’t cover everything, it can certainly help mitigate expensive veterinary costs.
Even during the most recent recession, more than 92% of pet owners put the needs of their pets first by spending the same or more on their pet’s veterinary costs, food, grooming, and more. As such, pet insurance is especially valuable if you support an older pet or one who suffers from a chronic medical condition, like diabetes.
This makes pet insurance particularly important. Be aware, however, some pet insurers carry stipulations on breed types and certain medical conditions. As such, you need to read the fine print with special care to ensure your pet is properly covered.
Here are some of the most popular pet insurance providers if you want to take extra special care of your furry family members:
- Nationwide Pet Insurance (check out Nationwide pet insurance reviews!)
- Healthy Paws
- Embrace Pet Insurance
These insurance options are becoming more popular in cities that are heavily populated by Millennials, including Charlotte, Chicago, and Dallas, but this trend is expected to grow. Contact your local humane society for popular insurance plans in your area.