Why Horse Insurance Is ImportantOn December 15, 2020 by Brent Bates
It is always best practice to purchase insurance for your high-value property. Nowadays, you can obtain insurance for the horse or horses you own. Horse insurance can protect both you and your horse. Here is some information concerning why equine insurance is important.
It Contains Liability Coverage
Many equine insurance policies consist of liability coverage. If the horse you own injures someone or damages his or her property, liability coverage should protect you from a major lawsuit. For example, if your horse does bodily harm to another individual, this type of coverage should pay for that individual’s medical expenses. Additionally, if your horse causes a car accident, liability coverage should pay for needed car repairs. This form of coverage is ideal for people who own horses that frequently come into contact with other people or other people’s property.
It Can Cover Different Types of Health Costs
Equine insurance can cover general and major health costs. Most equine health insurance policies cover the costs of unexpected ailments. For instance, if your horse suddenly contracts an illness or sustains minor injuries, equine insurance can fully or partially pay for the resulting veterinary costs or for any prescription-related costs. In addition to paying for basic health expenses, equine insurance can also pay for major medical procedures such as surgery and wound care. Many equine insurance policies will cover the cost of surgeries conducted after a horse is involved in an accident or is seriously injured, but some policies will also cover the cost of elective surgeries.
It Includes Mortality Coverage
Many equine insurance policies are comprised of mortality coverage. This form of coverage is useful because, if your horse dies, you will receive funds to cover its value; you can use those funds to purchase another horse. When calculating the value of your horse, insurers will examine its skills, gender, pedigree, breed, and age; the goal is for them to come up with an amount that will cover the cost of a horse that is similar to the one that passed. Note that mortality coverage takes into consideration various types of deaths, including accidental deaths, deaths from natural causes, deaths from natural disasters, and deaths from animal attacks. This kind of coverage is ideal for those who have highly trained or skilled horses.
Equine insurance functions as a safety net for you and your horse. Look into the various policies that exist on the market so that you can find one that is right for you.