Riding With Confidence – How Horse Insurance Can Protect Your Investment
Building and boosting riding confidence is a journey. Whether you’re looking to regain your confidence after an injury or need help getting started, there are some things to remember. The first step is recognizing that trust takes time, just like a house. So don’t rush it.
Coverage for Veterinary Care
The most important component of any horse insurance policy is that it pays for veterinary care. Most reputable companies offer coverages like major medical/surgical and loss of use. These are usually added to a full mortality policy and are limited annually to certain maximums. Deductibles or co-pays are also applied to these policies on a per-claim basis. Some insurers will also offer full loss-of-use coverage, which reimburses you for a percentage of the horse’s value if it cannot perform in the discipline identified in the policy. This type of policy typically requires a veterinarian’s statement before coverage is available. Other ranges include mortality and theft. These are basic and necessary for protecting your investment and other assets such as a barn, stables, fencing and possibly even acreage you have invested in. This will be based on the initial purchase price, discipline, breeding and show performance.
Coverage for Damage
Whether your horse is a beloved pet or an expensive show contender, they are still a property that should be appropriately insured. Insuring a high-value home or automobile is relatively simple; however, guaranteeing a living creature with specific care requirements presents a more complicated challenge. With veterinary bills, farrier and competition fees on top of boarding costs and the animal’s purchase price, it can quickly add up to an amount that would be difficult for many horse owners to cover. That’s why equine insurance is so important. In addition to mortality coverage, it reimburses you for the full value of a covered horse if it is stolen or destroyed for humane reasons. Most policies offer major medical/surgical coverage that pays for injuries and accidents such as colic. The premium for this coverage varies by policy. Also available is liability insurance, which protects you against claims of bodily injury or damage to property caused by the horse on and off your premises.
Coverage for Loss of Use
Full loss of use is an insurance option that can be added to a basic full mortality and theft policy. This covers your horse for a percentage of its value if it becomes permanently unfit to perform its stated discipline due to an injury or illness. Typically, this coverage requires you also to carry major medical. Upon payment of a Loss of Use claim, the horse usually becomes the company’s property (like a totaled car), and they will seek to rehab the horse and find some use for it. If you wish to retain your horse, subtract a salvage value from the claim amount. Many companies offer a variety of percentages of Permanent Loss of Use to keep premiums affordable and allow equestrians to choose the amount of protection that best suits their situation. However, it is important to ensure your policy meets your needs and that you understand the claims procedures and requirements should you ever need to file a claim.
Coverage for Emergency Evacuation
During disasters, horses often become separated from their owners. This can be a heart-wrenching experience for both owner and horse. If a horse is left behind or injured during an evacuation, equine insurance can cover the cost of care and boarding until the owner can return to their property. All horse owners need to have a disaster plan in place. Ensure all gates are secure and a trailer is available to transport your horses in case of an emergency evacuation. Keep Coggins tests, veterinary records and other important information in an easy-to-access place. Put a luggage tag on each horse’s halter with the horse’s name, address, email and phone number and store it with your emergency supplies. Most homeowner’s policies exclude horse coverage or may provide a limited range. Equine insurance can offer a variety of liability coverages and is typically affordable. In addition, equine insurance is usually renewable, and claims do not impact future rates.
