Chew on this: Your dog could affect your homeowner’s insurance rate

Most dog owners know exactly why they’ve been given the moniker of “Man’s Best Friend.” But recent findings suggest they are also one of “Man’s Greatest Homeowners Insurance Liabilities.”

The Insurance Information Institute (III) recently released some alarming data. Their research shows that over the last decade, while the number of homeowner’s insurance claims due to dog bites remains relatively flat, the amount paid out by insurance companies has skyrocketed.

How much so? In 2003, there were 16,919 dog bite claims filed, and the amount paid out was $324.2 million. Compare that to 2012, when the number of dog bite claims was actually slightly less at 16,695, but these claims accounted for $489.7 million. Putting that in perspective, the average claim rose from $19,162 in 2003 to $29,752 in 2012 – resulting in a 55% increase. All told, dog bites represent about a third of dollars paid out for all homeowner liability claims.

Make no mistake about it: Insurance companies are watching. If you own a dog, especially one who has bitten someone in the past, your insurance rate could be adversely affected. Additionally, if you own a breed of dog with a history of being “high risk” such as a Pit Bull or Rottweiler, you could even be denied insurance in the first place.

Dog bites are such a problem with postal workers that the US Postal Service actually ranked the worst cities for dog bites suffered by their employees (Source: ). If you’re wondering, the worst city was Los Angeles, where there were 69 attacks, followed by San Antonio with 42 and Chicago with 41.