What is pet insurance? Frequently asked questions and more

Key Takeaway
If you're a pet owner, you've likely thought about pet insurance. But there are so many questions to consider. What does it cover? How much is it? How do you sign up? Are there any disadvantages? We've got answers to all of these questions and more.

Your furry friend's health and well-being are of utmost importance to you. Nevertheless, unanticipated accidents and diseases can happen, which could result in sky high vet bills.

Is there something you can do to guarantee your pet's well-being and protect your finances?

The answer is pet insurance

Whether you're just looking for a quick reference or want to explore your options, this guide is for you.

Frequently asked questions about pet insurance

What is pet insurance?

Pet insurance is designed to pay for medical expenses for your pet. 

Like human health insurance, pet insurance helps lessen the financial burden of unexpected medical treatments, surgeries, and other healthcare services for your beloved companion. 

Without having to worry about the bills you might rack up, you can concentrate on giving your pet the finest care possible.

What is the purpose of pet insurance?

Pet insurance aims to provide financial protection and comprehensive coverage for your pet's veterinary care. 

Just as you would insure other household members, your pet shouldn't be excluded from protection from an unfortunate accident, illness, or health issue.

It ensures you can afford the necessary treatments, surgeries, medications, and routine check-ups your furry friend deserves. 

You can rest assured with pet insurance knowing that your four-legged buddy may get the care they require without being constrained by a lack of money. 

Is it OK to not have pet insurance?

While pet insurance is not mandatory, it offers significant benefits, including financial protection and peace of mind. 

Without pet insurance, unexpected accidents or illnesses can result in hefty vet bills that may strain your finances. That would make it NOT OK not to have pet insurance.

It's essential to consider the potential costs and risks associated with your pet's health. While alternative financial strategies can be explored, such as setting aside savings for veterinary expenses, these methods might not provide comprehensive coverage and financial security like pet insurance.

Why was my pet turned down for pet insurance?

Stay encouraged if your pet is turned down for pet insurance; there could be several factors that caused the decision.

Pet insurance is more open than you might think. However, pet insurers may decline coverage for the following reasons:

Pre-existing conditions

The insurance provider may refuse coverage for a specific pre-existing ailment in your pet. They may also deny the application for the entire policy if your pet has a pre-existing medical condition.

Breed restrictions

Certain breeds of pets, especially those with known hereditary health issues, may face breed-specific exclusions or higher premiums.


Some pet insurance providers have age restrictions and may not offer coverage to pets that are too young or old.

Medical history

A pet with a history of frequent illnesses or costly medical treatments may be considered a higher risk for the insurer, leading to a declined application.

Unhealthy lifestyle

Pets with a history of aggressive behavior or participating in high-risk activities (e.g., guard dogs, racing dogs) may be denied coverage due to their increased likelihood of injuries.

Coverage area

Some pet insurance companies have geographical restrictions and may not offer coverage in certain regions.

Incomplete or inaccurate information

The insurer may only accept the application if the all forms are filled out correctly and if all essential medical information is included.

Waiting periods

If your pet requires immediate medical attention or has an ongoing condition during the waiting period, coverage for those conditions may be denied.

Policy limitations

The specific policy you applied for may have limitations that don't align with your pet's needs or the coverage you sought.

Photo by Jametlene Reskp on Unsplash

Frequently asked questions about advantages and disadvantages of pet insurance

What are the benefits of pet insurance?

Pet insurance has plenty of benefits that every pet owner should know. Here are some of the most important.

1. Financial protection

Pet insurance covers a variety of veterinary expenses, including accidents, illnesses, and routine care.

2. Peace of mind

You can rest easy knowing you can afford critical medical care for your pet because of pet insurance.

3. Customizable plans

Pet insurance policies offer customizable plans that can be tailored to suit each pet's specific needs.

4. Emergency coverage

Pet insurance covers unexpected veterinary emergencies, helping you avoid the huge bills associated with emergency care.

5. Coverage for pre-existing conditions (some policies)

Specific pet insurance policies may offer coverage for pre-existing conditions after a waiting period.

6. Routine care options (some policies)

Some policies include optional coverage for routine care, such as vaccinations, dental cleanings, and wellness check-ups.

7. Multiple pet discount

Many pet insurance providers offer discounts for insuring multiple pets under the same policy.

8. Freedom to choose veterinarians

Pet insurance allows you to choose your preferred licensed vet for your pet's care.

9. Travel coverage (some policies)

Some pet insurance policies provide coverage for veterinary care when travelling within the country or internationally.

10. Rapid reimbursement

After receiving your claim, pet insurance provides quick reimbursement for covered veterinary expenses.

11. High-quality care

Pet insurance enables you to provide the best medical care for your pets without financial limitations.

12. Increasing pet ownership

Pet ownership helps you avoid the high vet bills associated with having a pet, which makes having a furry companion seem more attainable.

What are some disadvantages of pet insurance?

All in all, pet insurance is a net positive, but you'll find that the main disadvantages of pet insurance revolve around coverage limits:

  • One disadvantage of pet insurance is that it may not cover pre-existing conditions of your pet, which are health issues that existed before the insurance coverage began. 
  • Additionally, pet insurance involves monthly premiums, deductibles, and waiting periods before specific treatments or conditions are covered. Even if you have the money to pay the vet bills out of pocket, there's only one way to get reimbursed once the waiting period ends. 

For those with a sick pet needing treatment, the best time to buy pet insurance is as soon as you have ownership of your pet–not when there's a life-or-death situation!

Frequently asked questions about pet insurance costs 

What is the average monthly premium for pet insurance?

The typical pet insurance premium each month ranges from about $25 to $60. Not bad, right? The cost of pet insurance varies based on your pet's age, breed, location, and selected coverage.

Are there pet insurance plans with lower premiums?

Yes, some plans offer lower premiums, usually starting at around $20 per month. These plans may have limited coverage or higher deductibles, but they are worth the effort to keep your fur baby happy and healthy!

Do pet insurance premiums differ for dogs and cats?

Yes, pet insurance premiums differ for dogs and cats. On average, dog insurance is slightly more expensive than cat insurance due to differences in medical needs and risks.

Are there additional costs besides the monthly premium?

Pet insurance may involve additional costs such as deductibles, co-pays, and co-insurance. 

Some plans may also charge enrollment or administration fees. In short, you'll want to read the fine print and check out some other great resources at Homebody. 

Want more specifics? Contact Homebody now and get a free quote today!

How do pre-existing conditions affect the cost?

Unfortunately, pre-existing conditions may not be covered by most pet insurance plans. When insuring a pet with pre-existing conditions, the premium may be higher, or specific health issues may be excluded from coverage.

Getting pet insurance can never be too soon, but it can be too late!

Are multi-pet discounts for pet insurance available?

Some pet insurance providers offer multi-pet discounts, allowing pet owners like you to save on premiums when insuring multiple pets under the same policy. 

If you've got pups, you've got some discounts coming your way!

Do pet insurance costs increase with the pet's age?

Yes, pet insurance costs tend to increase with the pet's age. Premiums may rise annually as the pet ages, and certain breeds may have higher premiums due to their susceptibility to specific health issues.

Can I customize my pet insurance coverage?

Yes, Homebody offers customizable coverage options, allowing you to tailor the insurance plan to your pet's needs and budget.

Do pet insurance costs vary by location?

Yes, pet insurance costs can vary by location due to differences in vet fees and regional healthcare expenses. Some urban areas may have higher premiums compared to rural areas.

Are there discounts available for specific organizations?

Yes, some pet insurance companies offer discounts to members of specific organizations, such as military personnel, alumni associations, or professional groups.

Don't miss out on any available discounts you may qualify for! Reach out now to see what's available for you.

Frequently asked questions about HOAs and pet insurance

Are homeowners' associations (HOAs) legally allowed to require pet insurance? 

Pet ownership rules and regulations vary among HOAs. 

Some HOAs may include pet insurance as a requirement in their governing documents. That's why you should review the HOA's bylaws and covenants to determine if pet insurance is a condition for pet ownership within the community. 

You might be surprised!

For renters that live in an HOA, renters insurance typically covers these expenses through liability coverage if your pet is injured or injures another person or animal on your property. 

Nevertheless, check in with your HOA to get the answer you need.

Why might an HOA require pet insurance? 

HOAs may require pet insurance to protect the community and its residents from potential liability issues related to pet ownership. 

Pet insurance can provide financial coverage for medical expenses if your pet causes injury or damage to another resident or their property. 

Requiring pet insurance can also ensure that your furry little one receives proper medical care, reducing the risk of neglected or unattended health issues within the community (including those that could spread to your neighbors and their furry playmates).

If you think mowing the lawn biweekly to an exact height is a hassle, wait until there are medical bills to deal with!

Can homeowners negotiate with their HOA about pet insurance requirements? 

As with most things regarding an HOA, it depends…

While some HOAs may be open to discussions, a pet insurance requirement is typically established through a community's governing documents or voted on by the association's board of directors. 

Homeowners who wish to discuss the policy may contact the HOA board or attend community meetings to express their concerns or seek clarification.

What are the potential consequences of not complying with the HOA's pet insurance requirement? 

Getting on the wrong side of an HOA is never a good idea! Failure to comply with an HOA's pet insurance requirement could lead to various consequences, depending on the HOA's enforcement policies. 

Common penalties may include fines, warnings, or even legal actions (not to mention headaches!)–all of which will likely exceed the cost of pet insurance. 

Does pet insurance coverage apply to non-residential pet areas within the community? 

If an HOA requires pet insurance, the coverage typically applies to all community areas where pets are allowed, including common areas and designated pet spaces. 

For this reason, confirm with your chosen pet insurance provider that the coverage meets the HOA's requirements and extends to all applicable locations within the community.

Frequently asked questions about the cost of your pet insurance policy

Are pet insurance premiums subject to increase over time? 


 Your pet insurance premiums can increase over time. Insurance companies may adjust premiums for various reasons, such as inflation (ouch!), rising veterinary costs (ouch!), changes in the pet's age or health status (ouch!), and the overall claims experience of the insurer. 

However, not all policies experience rate hikes and each policy's specific terms and conditions dictate how and when premiums may change. 

Homebody lets you see what your policy will cost you in just a few clicks. Get a quote now!

How often do pet insurance premiums typically increase? 

When you sign up for a policy, your premiums are typically locked in. 

Some policies may have fixed-rate premiums that remain constant throughout the policy's duration, while others may undergo periodic adjustments, such as annually or at the policy's renewal date. 

What factors can influence the cost of pet insurance premiums? 

The most common factors determining how much you pay include your pet's age, breed, location, and the coverage you select. 

Older pets and certain breeds may have higher premiums due to increased health risks. Geographic location can also affect premiums as veterinary costs may vary by region. 

Additionally, the breadth and depth of coverage the pet owner chooses can influence the overall premium amount.

Is there anything I can do to control or reduce premium increases? 

While premium increases may be inevitable in some cases, there are steps pet owners like you can take to avoid potential rate hikes:

  • Maintain a healthy lifestyle for your pet. That is a no-brainer!
  • Keeping up with routine vaccinations and preventive care
  • Treating any health issues promptly
  • Insuring all of your pets to receive a mutiple pet discount

Frequently asked questions about pet insurance vs. human health insurance

What is the primary purpose of pet insurance compared to human health insurance? 

Pet insurance is designed to provide financial coverage for veterinary expenses, such as dogs and cats. It helps you manage the costs of medical treatments, surgeries, medications, and other healthcare needs for your furry companions. On the other hand, human health insurance covers medical expenses for you and your family members, including doctor visits, hospitalizations, prescription drugs, and various medical procedures.

How do claim processes differ between pet insurance and human health insurance? 

The claim processes for pet insurance and human health insurance can vary. For pet insurance, you'll usually pay the veterinary bill upfront before you submit a claim for reimbursement from your insurance provider. 

Alternatively, human health insurance often involves direct billing between the healthcare provider and the insurance company, with the patient responsible for any deductibles, co-pays, or co-insurance specified in the policy.

Can the same insurance provider offer both pet insurance and human health insurance? 

Yes, some insurance companies offer both pet insurance and human health insurance. This means you can bundle your insurance with Homebody for companies with comprehensive coverage networks. 

Enhancing your coverage with Homebody's pet insurance and additional services

At Homebody, we're dedicated to improving the renting experience for you.

Our services range are designed to save you money and provide flexibility and protection for everything you hold dear.

Beyond pet Insurance: additional benefits for cat owners

Alongside pet insurance, Homebody offers valuable supplements to enhance your renting journey:

  • Deposit alternative: bid farewell to hefty security deposits! Instead, opt for small insurance premiums (around $10/month) and save hundreds of dollars upfront.
  • Rent credit reporting: effortlessly build your credit by paying a small monthly fee. Homebody reports your on-time rent payments to credit bureaus, offering a simple yet powerful way to boost your credit score.
  • Renters insurance: safeguard your belongings with ease. Our quick signup process (about seven clicks, under 5 minutes) allows you to be insured the day you move in, providing comprehensive coverage for your rental space. Enjoy peace of mind knowing your belongings are protected!

Bundling your insurance needs for comprehensive coverage

You can benefit from a seamless insurance experience by combining Homebody's renters' insurance with our other offerings.

Homebody strives to be your trusted insurance partner throughout your rental journey, from safeguarding your rental space to protecting your furry friends and vehicles.

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