Nationwide Pet, the country's largest provider of pet insurance, says it is dropping about 100,000 policies between now and next summer to keep up with spiraling costs in vet care.Nationwide Pet, the country's largest provider of pet insurance, says it is dropping about 100,000 policies between now and next summer to keep up with spiraling costs in vet care.
"Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and the withdrawal of some products in some states - difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business," Nationwide said in an announcement last week.Nationwide said it's taking steps like this to continue its business in the future.
It's been an expensive year to keep up with insurance, adding to the influx of high prices hurting American families' wallets. The home insurance market is also falling apart. Climate change is increasing the frequency and severity of extreme weather such as hurricanes, storms and wildfires. Insurers, especially in areas most impacted by extreme weather, are raising their premiums, or pulling out altogether, impacting the affordability and availability of home and fire insurance.
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