You never know when an injury will occur with your riding, show or race horse. If your horse hurt itself on a jump, became sick with a health condition or had to be put down, you could end up being more than emotionally distraught; you could become financially devastated as well without proper horse insurance. Here are some important notes to consider when shopping for horse insurance.
The types of equine insurance include: mortality, liability, loss of use and medical. Mortality insurance is very similar to what is covered in a standard life insurance policy for humans. Liability insurance protects you from potential lawsuits if your horse happens to cause injury to people when they are on your property.
When you are shopping around for the best horse insurance companies , you ideally want to look for a company that has been listed as admitted. An admitted business will have had its books reviewed and insurances certified by the State Department of Insurance. If you ever have a problem with the insurance company, you could reach out to the State Department of Insurance for assistance. It is important to note that most admitted insurance companies do not offer coverage for horses with behavioral issues or equines involved in rodeo or vaulting sports.
The value of a horse varies greatly depending on age, sport, breed and specialized certifications or training courses completed. To determine a value, you must provide a bill of sale to your insurance company. This valuation is a baseline amount based on fair market value. As your horse undergoes training courses, certifications or wins in shows or contests, you should provide this information to your horse insurer for a potential valuation increase.
The amount of insurance you receive and the coverage amounts and limitations vary greatly from one carrier to another and even from one horse to another. Certain veterinary costs, transportation expenses, elective procedures and alternative medicines or therapies may not be covered by all equine insurance policies. It is best to interview several equine insurance companies to determine the exact coverage you will need before signing a contract.