Best pet insurance plans of 2020

A study from U.K.-based People’s Dispensary for Sick Animals revealed that pet parents dramatically underestimate the costs of owning a pet over a lifetime. The majority of pet owners surveyed said they believed lifetime expenses wouldn’t top $6,445 — a fraction of actual costs. According to the study, the approximate lifetime cost of owning a dog ranges from $27,074 to $42,545, and $21,917 to $30,942 for cats. The study accounted for everything from food and grooming to health and veterinarian expenses.

Pet insurance, however, can offer owners some protection when it comes to veterinarian bills for illnesses and accidents — and it can also come in handy during times of uncertainty.

MONEY recently evaluated pet insurance plans in the U.S. to find the best ones available. In their assessment, MONEY considered pricing, coverage options and additional benefits and spoke to veterinary doctors to gain an understanding of how insurance affects pets and owners.

“Most leading pet insurance companies give pet owners comprehensive coverage at an affordable monthly premium. The differences lie in the details and fine print,” writes Noel Dávila for MONEY. ”Shop around, do the research, and then make a well-informed decision about the insurance that is best suited to care for your pet and your pocket.”

Look through the slideshow above for MONEY’s picks for the best pet insurance of 2020, as well as the reasons why each plan stands out.

Pet preparedness

June is Pet Preparedness Month and highlights why pet parents should consider insurance as an extra layer of security during a time of crisis.

Ready.gov shares few tips on how pet parents can build an emergency kit to keep pets happy, safe, and comfortable during a natural disaster. Kits should include essential items such as:

At least a three-day supply of food and water
Medicines
Medical records, proof of vaccinations, registration and adoption documents, and insurance information
First aid kit (cotton bandage rolls, bandage tape and scissors, antibiotic ointment, flea and tick prevention, latex gloves, isopropyl alcohol, saline solution, and a pet first aid reference book)
Collar or harness with ID tag, rabies tag, and a leash
Crate or pet carrier
Sanitation needs (litter box and litter, newspapers, paper towels, plastic trash bags, and household chlorine bleach)
A picture of the pet and pet parent together to prove ownership
Familiar items, such as treats, toys, and bedding

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Crisis Management

California Wildfire Relief: A Collaborative Effort by Lawmakers and Insurance Leaders

California’s recent wildfires have highlighted the urgent need for action to address the growing insurance challenges in the state. With insured losses estimated at $30 billion, leaders are working tirelessly to provide relief and ensure resilience. Protecting Policyholders Amid Wildfire RisksCalifornia Insurance Commissioner Ricardo Lara has taken swift action, issuing a one-year moratorium on insurance companies canceling or non-renewing residential policies in wildfire-affected areas. Additionally, those who received non-renewal notices within 90 days before the fires are now protected.“If you’ve received a non-renewal notice between October 9 and January 7, your insurer should retain you as a valued policyholder,” Lara emphasized during a press briefing. Lara also proposed a future grant program to assist low-income homeowners in reducing wildfire risks by installing fire-resistant roofs and creating defensible spaces around their homes.“This initiative is crucial for protecting homes and building long-term resilience,” he noted. Legislative Action for Stability and Faster ClaimsCalifornia lawmakers introduced the FAIR Plan Stabilization Act, aiming to bolster the California FAIR Plan with catastrophe bonds to address potential liquidity shortfalls. Speaker of the Assembly Robert Rivas also announced plans to advance legislation that would streamline insurance claims for homeowners affected by the wildfires. The Financial Toll and Industry ResponseAccording to Wells Fargo Securities, insured losses from the wildfires are projected at $30 billion, with homeowners’ insurance accounting for 85% of those losses. High-value properties and extensive damage underscore the financial strain, as the Palisades Fire alone has burned over 23,000 acres and destroyed 4,500 buildings. Despite the magnitude of the disaster, industry leaders assure Californians that the insurance sector is equipped to handle the recovery. Sean Kevelighan, CEO of the Insurance Information Institute (Triple-I), affirmed that “all claims will be covered, whether through private insurers or the California FAIR Plan.” A Call for Resilience and ReformThe devastating wildfires serve as a wake-up call for California to rethink its preparedness and insurance strategies.“This catastrophic event underscores the need for greater resilience,” Kevelighan said. “It’s time to reevaluate how we manage risks and sustain a functional insurance market in this state.” At Skyscraper Insurance, we are committed to supporting our clients in navigating these challenges, ensuring access to reliable coverage, and fostering resilience for the future. Together, we can weather any storm. #WeShareYourVisionForABetterTomorrow

Workers' Comp

2025 Workers’ Compensation Trends: What to Expect

As the workforce continues to evolve, workers’ compensation is at the forefront of addressing new challenges and opportunities. By 2033, nearly one in four U.S. workers will be 55 or older, as reported by the Bureau of Labor Statistics (BLS). This marks a significant increase from just over 15% in 2003. The aging workforce brings new complexities, including a rise in chronic health conditions, comorbidities, and longer recovery times following workplace injuries. At Skyscraper Insurance, we understand that these trends require adaptive strategies. Tailored safety programs, ergonomic solutions, and a focus on preventive care and health maintenance are vital to ensuring the health, productivity, and safety of older employees. These measures don’t just mitigate risks—they also create a supportive and efficient workplace environment. In parallel, advancements in technology are revolutionizing the workers’ compensation landscape. Innovations like artificial intelligence and telemedicine are enhancing the customer experience, from streamlining underwriting and claims processes to providing injured workers with immediate access to medical professionals. The rise of the gig economy further underscores the need for dynamic, tech-driven solutions to keep pace with an ever-changing workforce. The importance of risk management is also reflected in recent executive surveys. In 2024, 23% of global executives identified employee risk as their top concern, surpassing all other business risks. Additionally, 42% believed they were operating in a high-risk environment, a notable increase from 31% in 2023. This sentiment highlights the growing recognition of the need for proactive and comprehensive workers’ compensation solutions. Looking ahead to 2025, businesses should prepare for potential shifts in workers’ compensation costs. Factors such as wage inflation, increased claim sizes, and market dynamics may lead to rising premiums despite a softer market. At Skyscraper Insurance, we are dedicated to helping businesses navigate these changes effectively. By staying ahead of industry trends and leveraging cutting-edge solutions, we empower our clients to maintain robust, compliant, and forward-thinking workers’ compensation programs. Together, we share your vision for a safer and more prosperous tomorrow.

Best pet insurance plans of 2020