Around 66% of households in the United States own a pet — up from 56% in 1988 — and while these companions certainly contribute to the household in their own way, caring for them can get pricey. According to Forbes Advisor, the average annual cost of owning a dog is around $1,400 and the cost of owning a cat is around $1,150. However, that number can grow exponentially if a pet is in need of emergency care.
Many choose to invest in pet insurance to ensure they don’t end up in financial trouble if their animal has an accident or gets sick. The average monthly premium for accident and illness pet insurance in the U.S. is around $53 for dogs and $32 for cats.
While those premiums can certainly impact a family budget, rising veterinary costs have boosted the price of treatment high enough that many find it a justified expense. Forbes reports that the top-paid medical-related insurance claim last year for dogs was $60,882 and $40,057 for cats.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
