Senator: Mississippi family pet insurance coverage costs isn’t ‘ruff’ to comprehend
Published 4:57 pm Wednesday, February 1, 2023
More Mississippi dogs, cats, reptiles and birds might quickly be guaranteed versus pricey medical costs thanks to legislation that passed in the state Senate Wednesday.
Senate Bill 2228, by Sen. Walter Michel, a Republican from Ridgeland, would develop “a comprehensive legal framework within which pet insurance may be sold” in Mississippi. The costs would modify Mississippi law to would enable health and life insurance coverage representatives to offer family pet insurance coverage, not simply brokers accredited to offer property and casualty insurance coverage.
The family pet insurance coverage market had yearly premiums of about $2.8 billion in 2021, up over 30.5% from 2020, according to the National Association of Insurance Commissioners. About 4 million animals are guaranteed in the U.S.
Insurance business are promoting for family pet insurance coverage costs throughout the nation so they can provide constant health protection for animals, Michel said.
“When your health insurance agent is in the home of parents talking about selling insurance for the family for Bobby and Suzy, they can also insure Buddy and Fluffy,” Michel said on the Senate flooring Wednesday.
Dogs and cats would be the main receivers, however some insurance coverage strategies likewise provide protection to reptiles and birds.
“It’s not real ruff to understand, Senator,” Michel said, drawing a smattering of laughter in the chamber after a coworker requested explanation on what sorts of treatments would be covered.
The insurance coverage mainly cover conditions such as damaged bones and cancer. Injuries that are pricey to deal with, such as a torn ACL in dogs, may have a one-year waiting duration under a lot of policies, Michel said. The legislation does not use to life insurance coverage for animals.
Brokers would be needed to divulge whether their strategies omit animals who have preexisting health conditions or other persistent conditions.
Mississippi Insurance Commissioner Mike Chaney would have the authority to manage the market. After passing the Senate, the costs is headed to the House.