Own a Dog? It could affect your Home Insurance Premium

Owning a dog is a great joy in life. But guess what? This could go a long way in increasing your home insurance premium, while also decreasing the level of coverage that you qualify for. This is especially true if you own a breed of dog that is perceived as dangerous such as a Pit Bull, Rottweiler, or Doberman Pinscher. This does not mean that you should get rid of your dog or shy away from buying one, but it does mean that you need to know what you are doing.

Believe it or not, quite a few homeowners in the United States have had their coverage cancelled due to the fact that they purchased one of these “dangerous” breeds of dogs. Most people do not understand the reasoning behind this, but it is actually quite simple. These dogs are known to have the highest chance of attacking or biting somebody on your property. In turn, if this happens and you are sued, your home insurance company will be responsible for paying a certain amount of the damages depending on the coverage outlined by your policy.

So what should you do if you need home insurance but own one of these dogs? First things first, you need to be honest with the companies that you speak with. They are going to ask if you own a dog, and it is in your best interest to say yes. Remember, if you lie and something happens, you may find that the insurer does not have to respect your policy. It is better to tell the truth up front than to risk a huge problem in the future.

There is a good chance that an insurer will still offer you coverage, but of course, they will want to hit you with a higher premium than usual. For some people this is okay. If you think that you can do better, shop around so that you can feel out several different home insurance companies before buying. You may find that some insurers are stricter when it comes to the way that they deal with homeowners who own a dog.

Don’t jump the gun and get rid of your dog just because you think it will increase your home insurance premium. But do be aware that this is a very real possibility.