Major Mo's insurance report

Dog-Related injuries cost homeowners!

Dog-Related injuries cost homeowners!

A study by the Insurance Information Institute just cam out in June ’16 and said that the claims paid in 2015 for all dog-related injuries were $571,300,000! Over 1/2 a billion homeowner insurance claims were paid due to 15,352 claims reported and paid on. California topped the list with the number of claims (1,684) and the average amount paid out – $44,983.

Since 2003, the year this study is from, until 2015 the average claim amount went from $19,162 per claim to $37,214 per claim. And the total amount of claims paid in that same period went from $324,200,000 million to the previously mentioned $571,300,000.

Now I am a dog lover and had to put our 14 year old Aussie, Major Mo down last July but my family has also been the victim of 2 dog bite incidents. One to my daughters face when she was 8 years old and 2 years ago, my 88 year old Dad had the end of his thumb bit off by the neighbors dog.

 

Major Mo's insurance report

Major Mo

Dog-Related injuries cost homeowners!

I point this out and write this article because almost all dog owner’s don’t know a couple of very simple steps they can make to protect themselves. First, these claims would fall under your homeowner’s insurance policy, the liability portion of it. And the “standard” in our insurance industry is to write someone $300,000 on the liability line of the homeowner insurance policy.

But did you realize, it costs approximately $15 a year more to increase it to $500,000 and about $25 per year to increase it to $1,000,000 of liability protection on your homeowners policy? And what consumer of insurance thinks to call their insurance agent when they get a new dog or puppy…..nobody does!

A 2nd alternative is to buy a personal umbrella policy, adding $1,000,000 of liability over your home, cars, boats, motorcycles and snowmobiles. For $250-$300 a year, this is a smart alternative for those that drive many miles a year, car-pool kids to soccer, baseball, etc., have new teen drivers, babysit in their home or have a pool in their yard. All more “exposure” for liability claims to occur that can be deemed your fault.

Dog-Related injuries cost homeowners!

Us insurance agency owner’s, need to do a better job of keeping the public informed on such situations as these. Simple, easy steps to take to protect your families financial future from ruin. I think we do a better job than most – newsletters, Tom’s Tuesday Tips, blogging – but need to keep informing the public about their options….it’s the least we can do!

Tom Larsen, licensed insurance broker

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1 Comments

  1. Unbebievalle how well-written and informative this was.

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