Nationwide Pet, the country’s largest provider of pet insurance, says it is dropping about 100,000 policies between now and next summer to keep up with spiraling costs in vet care.
The move comes as other types of insurance, from homeowners to vehicles, are increasingly becoming harder to obtain for many Americans.
There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association, previously told CNN.
The higher costs insurers face from higher replacement costs and re-insurance, the type of insurance used by insurers to limit their own risks, is getting passed down to consumers.
Insurers in states like California and Florida have paused issuing policies altogether.
Persons:
Fido, “, Price, It’s, Mark Friedlander
Organizations:
New, New York CNN, Nationwide, Insurance Information Institute, CNN
Locations:
New York, United States, California, Florida