September 21, 2017

New survey reveals the expense of owning pets

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Costs such as food, bedding, toys, equipment and insurance can see the typical owner of a cat paying around £2,455 per annum, and dog owners paying £4,791 on average.

That said, a horse will see its new owner cough up £12,654, with a fish being considerably more cost-effective at £769 in the first year, even including set-up costs such as a tank and pumps, Keeping a rabbit is also surprisingly expensive, costing £1,802 in the first year, according to the survey, conducted by Nationwide Home Insurance.

The insurer also noted the potential for extra animal expense, new figures from the Association of British Insurers (ABI) show a record £706 million in pet insurance claims was paid in 2016. Of those who have claimed on their home insurance due to an accident caused by a pet, 7 per cent said the carpet had been damaged, 5 per cent said sofas and chairs had been damaged and 5 per cent said the TV had been broken.

Rob Angus, Nationwide’s head of general insurance, said: “Owning an animal can be extremely rewarding, but a very expensive experience.

“Given a pet is for life, it’s important to plan ahead and budget for the potential costs involved, otherwise animal ownership could turn into a financial headache.”

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