Homeowners have been warned by a recent report that getting homes insurance coverage might not be as straightforward as before. Now, even the type of pets kept by homeowners is reportedly assessed before insurance companies provide policies and that these pets can even dictate the provisions of such policies.
According to a media report from Pennsylvania-based WNEP-TV, consumers' pet choices could influence their property insurance costs. The report also reveals that there are cases when insurance policies have been canceled due to the kind of pets kept by the homeowner.
The news group has reported a story of a Pennsylvania family who had their policy revoked. The reason given was that the family owned a Siberian husky dog. The insurance firm allegedly canceled the policy despite the homeowner's pet not being known as a dangerous breed.
The television report also warned homeowners that some property insurance firms will refuse to provide coverage to those who have Rottweilers as pets. Dog breeds like chows and pit bulls are also some of the types that insurance companies are wary of. In addition, some small insurance firms have been reported to discriminate against homeowners who own other dog breeds. Dogs that have histories of aggressive behavior are also said to be the cause of some policy cancellations.
According to the report, some homes insurance companies have explained this rule. They stated that the potential financial loss to their companies can be significant. Insurers have pointed out that the Insurance Information Institute has released statistics which showed that about a third of the total property insurance claims were due to dog bites. Statistics from 2008 showed that each claim has cost insurance providers a little over $24,000.
The Institute has also highlighted 2008 figures which showed that insurance providers had to pay over $387 million for claims caused by dog bites. Average costs for such claims are said to have risen by almost 30% between 2003 and 2008.
The television report has warned homeowners that they should take into consideration the breed of their pet dogs before getting homes insurance policies. The report also states that having the wrong breed for a pet can cause homeowners to lose their property coverage.
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