Whenever my friend Jane and I walk her chihuahua, Bowser, people stop to admire him. Bowser just has that type of dynamic personality and good looks. They invariably ask how old he is and Jane always proudly declares that he’s a rescue dog, so she’s not exactly sure. We’re not even sure if he’s really a chihuahua, he’s way too mellow. One thing’s for certain, he’s a bundle of joy.
This Friday, April 30, is National Adopt a Shelter Pet Day. The day was created to raise awareness of the millions of animals living in shelters across the country that need loving homes. Adopting a shelter pet has many benefits, the top one being that you’re saving a life.
Pet adoptions have surged during the pandemic and some shelters are experiencing shortages. A survey from the Insurance Research Council (IRC), found that 21 percent of homeowners reported adopting a dog in 2020.
If you’re thinking about adopting a cat, dog, bird, guinea pig or any other pet, you’re probably factoring the financial costs of taking care of the animal into your budget. Veterinary bills can be a large portion of these expenditures, and pet health insurance can help cover these costs.
Pet health insurance works like human health insurance, in that both include annual premiums, deductibles, co-pays and caps.
The pet insurance market has been growing in the United States, with an expected increase of 7 percent, compounded annually, through 2027, according to Acumen Research and Consulting.
Insurance regulators are taking notice of the burgeoning market, with a model law in development to establish regulatory standards. And in California, in response to the pandemic pet adoption surge, Insurance Commissioner Ricardo Lara has sponsored a bill to require insurers to fully cover spaying and neutering.