Fighting the loneliness of quarantine is a lot easier with a furry friend by your side.  That’s why pet ownership in the US hit an all-time high in 2020.  More than half of all newly adopted pets went to first-time pet owners.  

This is great news for the animals in need of a loving home, but it’s important for new pet owners to understand what their responsibility entails.  Owning a pet can be expensive.  To use dogs as an example, the first year of pet ownership can range in cost from $1,314 to $1,843 depending on the size of the dog.  The first year tends to be the most expensive due to one time costs like training, spaying/neutering, and initial vaccinations.  After the first year, costs fall into the $580 to $875 range.

As an industry, pet spending brought in $103.6 billion last year.  The two biggest cost drivers are food/treats and veterinary care/products.  Food tends to be relatively manageable for owners to pay because it is a regular, expected expense.  Vet bills are harder for many owners to cover because they can incur high costs at unexpected times, especially if they are the result of an accident or injury.

Preventing unexpected vet bills starts with keeping your pet healthy.  80% of pet owners take their pet to the vet at least once a year for checkup.  These checkups allow pets to receive vaccinations and preventative care.  Consistent dental care and flea and tick prevention also keep your pet safe from a host of diseases.  Finally, reorganizing your home to keep toxic houseplants and food out of your pet’s reach can work wonders in preventing poisoning incidents.  Many first time pet owners may not know certain things are toxic to pets, so research is key.

Another tool pet owners can use to ward off high vet bills is pet insurance.  Like health insurance for humans, pet insurance coverage is customizable.  Its premiums vary by age and type of pet as well as coverage extent.  For just $10 a month, a pet insurance policy can prevent you from paying for dental cleaning, bloodwork, vaccinations, and checkups.  3.1 million pets are insured.  Most of these pets are dogs, but most companies cover cats as well, and Nationwide will also cover birds, rabbits, snakes, and/or turtles.  Consider if insurance is worth the cost for you.