Tens of thousands of pet owners who had insurance through Nationwide Insurance will have to find alternative coverage after the company announced it will non-renew about 100,000 policies.
The company blames the move on inflation, which has impacted the rising cost of veterinary care and other factors.
Impacted policyholders will be notified, the company said.
“We certainly empathize with the disappointment many of our pet families feel and will fully stand by the protections for which they have paid through the end of their current term. Our rates will continue to be fair and appropriately priced for the plan, pet, and breed,” Nationwide Insurance said in a statement.
The move comes as other insurance companies have limited business, especially in California.
In March, State Farm General Insurance Company announced plans to non-renew about 72,000 policies in California, impacting property insurance and commercial apartment policies.
Last year, the company also announced it would stop accepting new insurance applications for business and personal property in California.
Since then, companies like Allstate, Farmers Insurance and The Hartford Insurance have announced similar moves.
Last year, Allstate announced that it would stop accepting insurance applications for all business and personal property in California, while Farmers Insurance announced that it would limit new homeowner policies in the Golden State.
In February, The Harford announced that it would no longer offer new homeowners’ policies but will continue to write business insurance and personal auto policies. Those who already have home insurance through The Hartford have the ability to renew their policy as well.
