Above: Gottheimer along with his canine Rosie at Glen Rock Dog Park.
GLEN ROCK, NJ — Today, September 18, 2023, U.S. Congressman Josh Gottheimer (NJ-5), on the Glen Rock Dog Park, referred to as on the New Jersey Department of Banking and Insurance (NJDOBI) to reject purposes for proposed and unreasonably excessive annual charge will increase. As a member of the House Financial Services Committee, Gottheimer has additionally requested the Federal Insurance Office on the Department of Treasury to research pet insurance coverage charges nationally which are making life costlier for households.
Gottheimer’s letter to NJDOBI may be discovered right here.
The prices of veterinary providers have risen about 10%, but the speed will increase requested and applied by many pet insurance coverage corporations are far greater than that. As an insurance coverage pool grows — which it has considerably through the pandemic — charges ought to lower, particularly with more healthy, younger animals.
As of 2023, 66% of U.S. households, 87 million houses, personal a pet. Nearly 50% of households in Jersey have pets. Since 2018, the variety of insured pets within the U.S. has risen almost 23% a yr.
Rising Cost of Pet Insurance:
- Pet issues, which embrace well being issues homeowners couldn’t deal with, accounted for 47% of rehomed dogs and 42% of rehomed cats.
- Since 2018, common canine insurance coverage premiums have elevated almost 40% and common cat insurance coverage premiums have elevated 36%, for the highest-coverage plans.
- Some pet insurance coverage corporations are planning to extend costs by greater than 50% — that could possibly be one other $40 or $50 a month.
Three pet insurance coverage corporations seeking to hike costs in Jersey — Healthy Paws, MetGen, and Trupanion — far exceed the ten% enhance in vet providers. Trupanion requested to extend charges by 33%, Healthy Paws Pets by 44%, and Metropolitan General Insurance Company by 56%.
“I’m here with our family pup, Rosie — short for Rosalita, one of our favorite Springsteen songs — because our pets are part of our families and deserve to live happy and healthy lives without their owners having to break the bank. But, many families across New Jersey, including mine, recently received a letter that their pet insurance rates were set to increase as much as 56% this year alone. The bottom line is that veterinarian cost increases of 10% should not lead to insurance rate increases of 56%. That’s nuts. A rate hike this high could mean owners not being able to afford their animals and having to give them up,” stated Congressman Josh Gottheimer (NJ-5). “Another rate hike this high could mean owners not being able to afford their animals and having to give them up. We need to make life more affordable for hard-working Jersey families who simply want to care for their beloved pets. And Democrat or Republican, we all love our pets!”
Gottheimer was joined by Glen Rock Councilmember Jill Orlich and native canine homeowners.
Video of the announcement may be discovered right here.
Below: Gottheimer on the Glen Rock Dog Park.
Gottheimer’s full remarks as ready for supply are under.
Good morning. It’s nice to be again right here on the Glen Rock Dog Park to mark the beginning of Adopt a Less-Adoptable Pet Week.
I’m right here with our household pup, Rosie — quick for Rosalita, one in all our favourite Springsteen songs — as a result of our pets are a part of our households and need to stay joyful and wholesome lives with out their homeowners having to interrupt the financial institution.
There is not any higher feeling than getting home after an extended day and being greeted by our furry members of the family. Republican or Democrat — everybody loves their pets and desires the perfect for them.
As of 2023, 66 p.c of U.S. households personal a pet. That’s almost 87 million houses. And almost 50 p.c of households in Jersey have pets — about 30 p.c have dogs and about 20 p.c have cats.
Healthcare is without doubt one of the huge bills for pets. In truth, well being points and the cost of healthcare are one of many main causes households find yourself returning their pets. Some households attempt to offset prices with pet insurance coverage, which frequently covers main well being points, assessments, and procedures. Pet insurance coverage has helped save Jersey households tons of and hundreds of {dollars} and the lives of numerous animals.
Unfortunately, if a few of the suppliers get their approach, and their premium requests get accepted, it should quickly turn out to be much more costly to maintain your pets wholesome.
Many households throughout New Jersey, together with me, not too long ago acquired a letter that our pet insurance coverage charges had been set to extend 44 p.c this yr alone. I couldn’t consider my eyes. It didn’t take lengthy earlier than I began getting calls and letters from different households dealing with an enormous enhance — over 50 p.c in some circumstances simply in a single yr. Millions of households use pet insurance coverage to assist cowl the prices of veterinary payments. In truth, since 2018, the variety of insured pets within the U.S. has risen almost 23 p.c a yr. So, that’s a number of affected households.
I’m already extremely involved with protecting prices down throughout the board, and that is simply one other instance of households getting whacked.
This comes at a time when pet possession has skyrocketed through the pandemic. More than 23 million American households — almost 1 in 5 nationwide — adopted a pet through the pandemic, together with less-adoptable-pets. And that’s an amazing factor as a result of it offers so many animals in want a home. But with these new pet insurance coverage charge will increase, it may imply households should surrender their household pets and the considered the place they might find yourself breaks my coronary heart. As I discussed earlier than, pet issues, which incorporates well being issues homeowners couldn’t deal with, accounted for 47 p.c of rehomed dogs and 42 p.c of rehomed cats.
Not to say the wrestle it will trigger for people who’ve service animals. Think in regards to the information and listening to dogs, diabetes alert dogs, and seizure response dogs. These animals are important to their homeowners’ on a regular basis lives, and it makes me sick that anybody would punish the pocketbooks of somebody dwelling with a incapacity.
I wish to be very clear. Insurance generally is a nice product if it’s the correct one as a result of it protects our households from catastrophic conditions. In the final yr, our canine Rosie was very sick, and our pet insurance coverage saved us hundreds of {dollars} on the vet.
But the issue households are dealing with at the moment is that these corporations will not be proposing only a couple extra {dollars} a month or yr for pet insurance coverage. Some pet insurance coverage corporations have requested the New Jersey Department of Banking and Insurance to extend costs by greater than 50 p.c — that could possibly be one other $40 or $50 {dollars} a month. Since 2018, common canine insurance coverage premiums have already elevated almost 40 p.c and common cat insurance coverage premiums have elevated 36 p.c, for the highest-coverage plans.
But it’s about to get far worse. Another charge hike this excessive may imply homeowners not with the ability to afford their animals and having to offer them up. We know the unhappy actuality is that a few of these animals will face euthanasia.
What blows my thoughts is that in recent years, the prices of veterinary providers have risen about 10 p.c. Yet, the speed will increase requested and applied by many pet insurance coverage corporations are far greater than that. As an insurance coverage pool grows — which it has considerably through the pandemic — charges ought to lower, particularly with more healthy, younger animals.
I’m confused about why there are such drastic charge will increase if there are such a lot of extra folks with pet insurance coverage insurance policies.
Of the requests to jack up premiums on pet homeowners, we had been capable of establish three of the very best ones. Three pet insurance coverage corporations seeking to hike costs in Jersey — Healthy Paws, MetGen, and Trupanion — far exceed the ten p.c enhance in vet providers I discussed earlier. Trupanion requested to extend charges by 33 p.c, Healthy Paws Pets by 44 p.c, and Metropolitan General Insurance Company’s 56 p.c hike.
That’s why at the moment we’re calling out pet insurance coverage corporations to rethink their proposed charge hikes – and for New Jersey and the US Department of Treasury to step in and take motion.
This morning, I despatched a letter to the New Jersey Department of Banking and Insurance urging Acting Commissioner Zimmerman to reject purposes for the proposed unreasonably excessive annual charge will increase. I’m hopeful he can work with the suppliers and discover a extra affordable answer that helps maintain prices down for Jersey households and protects our pets.
As a member of the House Financial Services Committee, I’ve additionally requested the Federal Insurance Office on the Department of Treasury to research pet insurance coverage charges nationally which are making life costlier for households. This isn’t only a Jersey subject.
The backside line is that veterinarian cost will increase of 10 p.c shouldn’t result in charge will increase of between 33 and 56 p.c. There is a line between affordable and unreasonable – and this crosses it.
We must make life extra inexpensive for hard-working Jersey households who merely wish to care for his or her beloved pets. And all of us love our pets!
If we work collectively — Democrats and Republicans — there’s nothing stopping Jersey or America, and our greatest days will all the time be forward of us.
God bless you and your households, and God bless the United States of America. Thank you.
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