Pet insurance: Nationwide scandal sparks owner crisis.

Christie Keith has been paying $600/month in pet insurance premiums for years, recently insuring her 4-year-old Silken Windhound, Pip, for over $700. Nationwide Insurance, the self-proclaimed largest provider of pet insurance in the US, has cancelled coverage for ~100,000 pets, citing rising vet costs and a need to "maintain long-term viability."

“I was willing to pay this very large amount to get this coverage because I love my dogs. They're my family... No one else is going to take on old dogs with pre-existing conditions...I don't know what I'm going to do." - Christie Keith, pet owner

About 24% of US pet owners have insurance, with costs averaging $53/month for dogs and $32/month for cats, per NerdWallet. Many pet owners face difficulties finding coverage for older pets with pre-existing conditions, as most policies exclude them. While Nationwide blames inflation and economic pressures, pet owners are upset and concerned about their ability to care for their furry companions, with some considering legal action. Policyholders are being notified of the changes this spring and summer, with coverage ending at policy renewal.

Sources/URLs:

• https://www.usatoday.com/money/blueprint/pet-insurance/cost-of-pet-ownership-2023/
• https://news.nationwide.com/nationwide-pet-takes-underwriting-actions-to-address-inflationary-pressures-and-other-factors/
• https://www.nerdwallet.com/article/insurance/pet-insurance-survey-data
• https://www.facebook.com/groups/7443466652388986/?notif_id=1718458831183226&notif_t=group_r2j_approved&ref=notif