Nationwide cancelling insurance for 100,000 pets in Florida, US. Here's what to know
Pet owners in Florida and around the country suddenly face an unexpected problem after Nationwide, the nation's largest pet insurer, canceled pet insurance coverage for about 100,000 pets in the U.S., blaming rising costs of veterinary care and "other factors" for threatening its long-term viability and profitability, in a recent release.
"As pet lovers ourselves, we understand the emotions connected to the protection of our family pets. Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and plan availability in some states — difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business," the company said in a statement Wednesday.
The company began sending letters to policyholders a few months ago and will continue into summer of 2025.
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Owners of pets with pre-existing conditions may be left without options
"After careful review of our products, we've elected to discontinue certain plans, including Whole Pet, which will no longer be offered in your state," said a letter to Robin Tobias of Aventura, Florida to inform her that coverage for her dog, Ginger, won't be renewed. Tobias shared the letter with the Columbus Dispatch. "The same economic pressures from inflation, higher interest rates and rising that have caused unprecedented losses for the American insurance industry are affecting the pet industry as well, leading to difficult decisions such as this."
A Facebook group called "Dropped by Nationwide Pet Insurance Whole Wellness? Join Us!" has 360 members so far. The group is considering legal action, USA TODAY reported.
"Pet owners are contemplating euthanizing sick pets because they are uninsured, and all they can say is they need to make more money, so too bad," Tobias said. She pays about $160 a month for insurance to cover her dog Ginger, who is 7 years old and has a heart murmur. "There's a lot of people panicking.
"For us, dogs have been our children. Everything we do is to protect our children."
Florida's insurance crisis now includes dogs
Florida has been experiencing an insurance meltdown over the last few years. Homeowners are already paying more than four times the national average for home insurance, with a busier-than-usual hurricane season predicted.
More than a dozen insurance companies have left the state or declared insolvency since 2019. Farmers Insurance stopped covering Florida and major insurers have not renewed policies for high-risk homes.
Meanwhile, Floridians pay the third-highest car insurance in the country, behind Louisiana and New York, according to MarketWatch.