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AnnaStills/Getty Images March 31, 2022 Sara Coleman is an insurance contributor at Bankrate. She has a couple of years of experience in writing for insurance domains such as The Simple Dollar, Reviews.com, Coverage.com and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Bankrate logo The Bankrate promise
At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money. Our content is backed by LLC, a licensed entity (NPN: 19966249). For more information, please see our Insurance Disclosure. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we’re putting accuracy first. Bankrate logo Editorial integrity
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Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate logo Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Recent pet ownership statistics show that invited a new cat or dog into their home during the COVID-19 pandemic. Around 23 million people added a furry family member during this time and most have full intention of continuing to care for the pet. But being a pet owner involves more than just determining where to find the right pet and choosing a companion. It also involves making decisions surrounding finances, insurance and pet care. Pet ownership statistics
Pet ownership statistics show ownership levels have reached new highs during the past couple of years. A 2021-2022 survey conducted by the found that 70% of households own a pet. Among the 70%, there are 69 million U.S. households that own a dog compared to 45.3 million households that own a cat. Info Consider these other statistics around pet ownership, too: Pet ownership continues to increase. 56% of households owned a pet in 1988 compared to the current 70% rate. Expenses for pet products, care and services grew to over $103 billion in 2020, compared to $97 billion in 2019. During the pandemic, about 30% of Americans adopted at least one pet. Gross written pet insurance premiums grew to almost $2 billion in 2020, compared to $1.6 billion in 2019. 83% of pet insurance premiums provided coverage for dogs in 2020. Adopt vs shop
When a household decides to add a new pet to the family, there is often a question of whether it’s better to rescue from another home or shelter, or purchase from a breeder. Each pet deserves a loving home, so it’s important to weigh the pros and cons of each scenario before deciding. Rescue Breeder Pro Con Pro Con Often more affordable than pets from breeders Vet expenses and behavioral training may offset the initial lower adoption fee More flexibility to seek a desired breed Often comes at a steeper price Shelters have a variety of pets with different breeds and temperaments You may not find the exact breed you prefer Pets are usually bred for specific, desirable traits Breeders may have a waiting list for certain litters Rescue dogs may already have some training and basic skills History of the animal could be unknown, including healthcare or past abuse You will likely know more about the medical history Puppies require additional medical costs the first year Older animals can still be trained The animal may have special needs the shelter is unaware of Many breeders offer , such as a guarantee against a genetic defect Finding a reputable breeder requires a good deal of research Key adoption statistics
While over enter shelters each year, around 4.1 million pets are adopted. This includes 2 million dogs and about 2.1 million cats. Around 40% of dog owners and 46% of cat owners found their pet through word of mouth, such as through family and friends. Roughly a third of dog owners received their pet’s info from a breeder, compared to 23% of dog owners learning about their pet from a shelter. While mixed-breeds are most common, 25% of dogs in shelters are purebred. When choosing a pet, dogs are most likely to be purchased from a breeder, whereas cats are more likely to be adopted. Black cats experience the among cats. Pit bulls and chihuahuas have some of the lowest adoption rates and are usually eventually euthanized. Over 920,000 shelter animals are euthanized each year, although this number has declined from 2.6 million in 2011 due to increased adoption rates. Behavioral and health issues are the most common causes of pets being rehomed. One way to reduce the likelihood of needing to rehome a pet is to have a clear understanding of all the expenses associated with being a responsible pet owner ahead of adoption. Estimated cost of pet ownership
Upfront pet expenses
The table below illustrates estimated cost breakdowns of fees due at the time of adoption. While these are based on shelter animals, many of these costs are comparable to purchasing through a breeder. Keep in mind some of the costs are also recurring expenses, such as heartworm and flea medicine, which may need to be purchased on a regular basis. The costs below are estimates. vary by shelter, age, breed and size of the pet, according to Petfinder. Generally speaking, you can expect to pay around $425-$880 for pet adoption costs. Expense Type Rescue dog Rescue cat Physical and behavioral exams $50-100 $50-100 Spaying/neutering $150-300 $150-300 Microchipping $50 $50 Basic vaccinations $15-60 $15-60 Flea and tick prevention $50-200 $50-200 Medical tests Heartworm tests: $15-35 Leukemia tests: $30-50 Total: $330-745 Total: $345-$760 Purchasing from a breeder can add an even more substantial amount to the cost and fees, depending on the . For example, French bulldogs cost up to $4,000 on average, while golden retrievers average up to $3,000. Each breeder sets their own costs, which may or may not include fees like spaying or neutering. Be sure to check what costs are included upfront so you know which petcare measures have been taken by the breeder and which ones you might need to handle on your own. Exotic dog breeds tend to be even more costly due to their rareness and pricey medical expenses. Rare breeds like a Samoyed, for example, could have up to a $14,000 price tag according to . Recurring pet expenses
Costs related to pet adoption or purchase may seem a bit overwhelming initially, but the expenses are typically only higher in the first year of pet ownership. A pet’s weight and size are two influencing factors, as larger dogs and cats require higher food quantities and medicine dosages. Petfinder has compiled a list of average common costs to consider when planning to add a new dog or cat to your home. Expense type Food $120-500/year $120-500/year Flea and tick prevention $40-200 (depending on weight) $20-200 (depending on weight) Vaccines and wellness $80-250/year $110-550/year Emergency vet visit $300-1,000+ (depending on severity) $1,000+ (depending on severity) Professional grooming Up to $1,200/year (depending on coat) $300+/year (depending on coat) Training Approximately $250/year (for beginner classes) N/A Pet sitting and boarding $15-50/day $15-50/day Treats, toys and/or scratching post $50-300 $0-50 (considering scratching posts) Bed and crate/carrier $25-250 (depending on size) $40-175 (depending on size) Insuring your pet and property
As the number of pet owners rises, so does interest in pet insurance. Insuring a pet can fall into two different categories: pet insurance and/or property insurance, such as a homeowners insurance policy. Pet insurance is a separate policy that covers a pet’s medical expenses. With homeowners insurance, coverage exists for pet liability like a dog bite that occurs on your property. Pet insurance
In addition to having adequate homeowners or , you may want to consider adding pet insurance. Like regular health insurance, pet insurance is designed to cover medical bills for needs ranging from ingesting poison to treating lacerations. While pet insurance is optional, having it may prevent you from covering surprise veterinary bills out of pocket and could be especially useful for accident-prone or special needs pets. Some breeds have a history of expensive medical conditions, such as English bulldogs, which often have Comparing multiple pet insurance policies can help you find both the right price and right fit. Animal breed, age, weight and pre-existing conditions will all influence what type of policy is best for you and your pet. Key pet insurance statistics: The is $594 annually for dogs and $342 annually for cats. Pet health professionals and insurance companies part of the make up 99% of all active pet insurance policies in the U.S. and Canada. Nearly 3.45 million pets were insured in North America by the end of 2020, according to NAPHIA. Homeowners insurance
Pet insurance is geared towards medical bills for your pet, while a homeowners or renters insurance policy covers medical costs associated with pet bites. Although do not cover property damage caused by your pet (such as from teething or scratching), it does cover medical expenses if someone has to be treated as a result of a bite or scratch from your pet. Before you bring home a new pet, it’s good to review the liability limits of your homeowners or renters insurance policy in case someone else is injured by your pet while visiting your home. In 2020, over 47,000 surgeries were performed by plastic surgeons for dog bite repair, according to the . Children are the , according to the American Veterinary Medical Association. One in five people bitten by a dog require medical attention. Inviting a new pet into your home is a great way to add excitement and happiness to your atmosphere. However, doing so requires a financial commitment, including first-year costs and ongoing recurring expenses. In addition to adoption or breeder cost considerations, you also need to factor in medical care and food expenses. With the financial responsibility of owning a pet, looking into additional coverage can be beneficial, such as adding pet insurance to your homeowners or renters insurance policy. Properly planning for a pet ahead of time can help ensure both your and your pet’s needs are being met. SHARE: Sara Coleman is an insurance contributor at Bankrate. She has a couple of years of experience in writing for insurance domains such as The Simple Dollar, Reviews.com, Coverage.com and numerous other personal finance sites. She writes about insurance products such as auto, homeowners, renters and disability. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Related Articles