The joy of welcoming a new puppy into your family is immense. Playing with them, spoiling them with toys and treats and watching them grow up can be a great time for everyone. But, caring for your pet can be expensive. When a puppy gets sick or hurt, vet bills can skyrocket, leaving owners without enough money to cover expenses. This is why puppy insurance is a smart move for first-time and veteran pet parents.

There are different types of pet insurance available, but the most popular type is accident and illness coverage. This type of plan typically covers accidental injuries (such as tearing a ligament or swallowing something foreign) and illnesses, like hereditary diseases or allergies. It also often pays for the cost of diagnostic tests, treatments and hospitalizations, but doesn’t always cover annual wellness exams.

Purchasing puppy insurance is an important decision that can save you thousands of dollars and the stress of paying for your pup’s unexpected health care needs. However, there is much more to picking the right policy than just reading through a list of benefits and exclusions. You’ll need to consider the type of coverage you want, as well as how much you can afford to pay per month and if there are any other extras you’d like covered.

One important thing to keep in mind when shopping for a pet insurance policy is how pre-existing conditions are handled. Most insurers have a waiting period before they’ll begin covering your pet for a preexisting condition. The waiting period generally lasts for 14 days, but some conditions have their own specific waiting periods. After a certain number of days, the condition will no longer be considered preexisting. For example, if a dog develops hip dysplasia, the condition will still be considered preexisting until the dog is free of symptoms for 180 days.

Some pet insurance companies may also impose annual or lifetime limits on some conditions, which can limit your coverage and raise the premium you’ll have to pay each year. These limits are intended to protect the insurer and prevent pets from getting insured for too many costly conditions.

Another important feature to look for when selecting a pet insurance policy is how it handles deductibles and reimbursement levels. Most policies have a deductible that you’ll need to pay upfront before the insurance company begins to cover your pet’s expenses. You’ll also have to decide how much you want the insurance to reimburse you for each claim. Keeping these factors in mind, you can customize the insurance to suit your needs and budget.