Dogs take a bite out of insurance
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Dog bites are beginning to hurt homeowner insurance policies nationwide, as the Insurance Information Institute reported Thursday that dog-related claims increased by 18% in one year.
With California, Florida and New York leading the nation in the number of claims, dog bites and other dog-related injuries accounted for more than one-third of all homeowners liability claim dollars paid out in 2016, costing in excess of $600 million, the New York-based institute reported.
Specifically, the institute’s analysis of insurance data found that the number of dog-bite claims nationwide increased to 18,123 in 2016, compared with 15,352 in 2015 — an 18 % increase. However, it found that the average cost per claim decreased by more than 10%. The average cost paid out for dog bite claims was $33,230 in 2016, compared with $37,214 in 2015 and $32,072 in 2014.
“The decrease in the 2016 average cost per claim could be attributed to a decrease in severity of injuries,” said Loretta Worters, a vice president with the institute. “But the average cost per claim nationally has risen more than 70% from 2003 to 2016, due to increased medical costs as well as the size of settlements, judgments and jury awards given to plaintiffs.”
The announcement coincides with National Dog Bite Prevention Week, April 9-15.
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