Adopting a pet is a wonderful experience for many families. It’s also more economical than buying one, according to bestfriends.org, which says the cost of adopting a pet typically ranges from $50 to $200 versus the $500+ you may spend to purchase one.
In some (but not all) cases, owning a pet can affect your homeowners, renters or condo owners insurance policy. For example, some home insurance companies limit or exclude coverage for injuries caused by a dog that the company was unaware of. Certain breeds of dogs, or one that has previously bitten someone, might be uninsurable altogether. Other companies charge additional premium for the added exposure. Know the animal’s history before adopting and use a reputable agency that can provide written records on the pet.
Exotic pets, such as ferrets and snakes, might not be covered, so check your policy for any exclusions.
