One of the few positive consequences of the pandemic was that the odd segment of history fostered a greater connection with pets. Many shelters sat empty as adoption rates skyrocketed, and pets in general got the opportunity to witness their owners stay home more than ever.
Many of those pets, naturally, landed at apartment communities. While that certainly qualifies as an uplifting development, both new and longstanding pet owners understand that pets can be expensive. Pet insurance can help counter that cost, yet it hasn’t been widely utilized in multifamily and beyond.
While approximately 70% of U.S. households own a pet, only 2% of pet owners have dedicated pet insurance, according to the National Association of Insurance Commissioners. In the apartment world, the story is familiar. Residents understand the idea that pet insurance can shield them from significant financial setbacks, but it can be overwhelming to shop for, and it can be difficult to determine the precise coverage thresholds that will actually help.
Entrata’s goal is to simplify that process for residents and enable them to provide their pets with the care they need without the unexpected, exorbitant costs. With offers of protection for residents against major losses, Entrata helps keep them financially stable to continue paying rent. As such, we’ve partnered with one of the best pet insurance providers in the business in Embrace.
Embrace checks in as the top-rated pet insurance provider on a recent list compiled by Forbes. Forbes writes that Embrace is “best for superior benefits.” The partnership means all residents that use the Entrata platform can utilize Embrace’s pet health insurance in the leasing journey.
The partnership will eliminate any ambiguity for residents when seeking a capable provider. It will also serve as a boost in the resident experience for owners/operators that use Entrata’s Insurance products, to now offer pet insurance as part of their service package.
As with many industries, veterinary costs have steadily risen over the past few years. The pet insurance market climbed to $8.3 billion in value in 2021, according to Business Wire. That said, the market might only be scratching the surface. The publication projects pet insurance to grow at a compound annual growth rate (CAGR) of 16.7% from 2022-2030, which could make it a $32 billion industry by 2030.
While these figures are somewhat tangential to the apartment world, they underscore the notion that pet insurance is becoming increasingly popular. Being on the front end of the curve could prove to be a competitive advantage for owners.
The global demand for pet insurance has been partially sparked by dog-specific adoptions across the globe, as dogs accounted for 80.5% of all adoptions in 2021, according to Global Market Insights. Anyone who visits an apartment community knows that dogs lead the way there, as well.
To keep pace with the rising demand, operators have implemented pet parks, dog runs, pet wash stations and numerous additional amenities. They’ve increased pet-related concierge services, and they often outsource their assistance animal screening efforts and other pet-screening measures. It only makes sense that the next step is to facilitate residents’ access to pet insurance, as well.