Contemplating insuring my horse. Need input, please!? - The Horse Forum
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post #1 of 24 Old 01-12-2014, 05:05 PM Thread Starter
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Contemplating insuring my horse. Need input, please!?

As the title says, I'm looking for input from anyone with experience or information.

Pros and cons?
What company do you use?
Mortality, medical and/or what other coverage would you suggest having?
Anything else I might need to know or consider?

Thanks in advance!
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post #2 of 24 Old 01-12-2014, 05:15 PM
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A friend wanted to insure her horse that was worth about $1500. The ins. agent said it had to be a rider on her homeowner's policy and the cost was $200 per $500 value per year. She didn't get it, altho she did purchase liability at a much lower rate.
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post #3 of 24 Old 01-14-2014, 07:13 PM Thread Starter
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Thanks for your reply! Hmm, how would it be tied to homeowner's insurance out of curiosity?
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post #4 of 24 Old 01-14-2014, 07:26 PM
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A horse is basically considered a possession when tied to your homeowners insurance. This usually also adds some liability coverage for anyone hurt by your horse, but it depends on the company.
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post #5 of 24 Old 01-14-2014, 08:28 PM
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For me it came down to, if my horse needed colic surgery, could I cover that out of my own pocket. I have insurance just for that piece of mind. I have mortality and major medical. Some policies cover something once, (Lyme disease for example) and then will not insure that condition in subsequent policies. Most charge $100 per the $1000 of your horse's declared value for the premium or close to it. I have been with two different companies. Both have been great about covering claims.

You just have to see your distance...you don't have to like it.
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post #6 of 24 Old 01-14-2014, 09:02 PM
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Really research the company you use. You want a company that has been around for a long time. A lot of pet insurance companies go under in the first 5 years. Research and read the fine print. There is a legal definition for "loss of use" and what a policy will pay out is based on those legal definitions. Basically, if your horse is jumping and breaks its leg and could be potentially sound for light trail use than its not a loss of use. Likewise, if your horse is out at pasture and breaks its leg and has to be put down you don't get any money because it was not being "worked" at the time. It is tricky things like that that make it really important.

I know one person who is a bit of hypochondriac and puts this on her horse. She uses her insurance for the horse. In my opinion, if you don't have a horse of extreme value, or that is like amazingly accident prone than its not worth the cost. The amount you get paid is dictated by the coverage. So, if you have loss of use it only covers loss of use, not colic. If you have colic coverage, and your horse gets laminitis during recovery from colic surgery that laminitis treatment is not covered. Which means you really really have to research the company. Equine insurance seems to me to be a lot like going to Las Vegas, because the house always wins.
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post #7 of 24 Old 01-14-2014, 09:12 PM
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I use Jarvis Ins for any show horse, and I also have my home, ranch and liability all through them. They're wonderful to work with and quick to handle claims. When I lost my barn on May 31, I had a check before June 15.

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post #8 of 24 Old 01-15-2014, 01:32 PM
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Liability is already covered by my homeowner's policy- if you have renter's or homeowner's call them up and ask them to be sure, but it does seem that many of them will cover a horse (liability-wise), even one kept off property, like they would any other animal (dogs are the most common ones, usually) Since I have to carry homeowner's insurance, this is basically free to me.

I purchased mortality/major medical insurance through Broadstone Equine. For mortality the rate was 3% of my horse's declared value when I started, but went up to 3.25% when I started jumping him. For major medical there were a few options, and I went with one that had a fixed deductible only (many of them will pay a percentage of the cost of treatment, which means there's no way of knowing ahead of time what it will cost you). Between mortality and major medical, it costs just under $550/year. This year when it expires I may not renew it as I think I'll have enough savings set aside to cover an emergency if one should come up, though...
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post #9 of 24 Old 01-15-2014, 01:35 PM
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Does it still go through your homeowners insurance if your horse lives at someone else's house?
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post #10 of 24 Old 01-15-2014, 01:46 PM
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I carry separate liability, as advised by my insurance agent. Totally separate balloon policy. It runs around $500 for my 2 horses, one is my private horse, the other is free leased to a therapy program. He is actually doubly covered, since they name me on their policy too. I would rather not take any chances, since I like my house.

I have had mortality and MM also-that was $100/$1000 of declared value, or there a bouts as I recall, I think that was through Markel.

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