In an announcement last Friday, Nationwide Insurance revealed its decision to cancel pet insurance coverage for approximately 100,000 customers between spring and summer of next year. The company cited the rising cost of veterinary care and other factors impacting the profits of its pet insurance business as the reason for this action.

Nationwide Insurance, claimed to be the first and largest provider of pet insurance in the United States with over 1.2 million pets insured for medical coverage, injuries, and accidents, expressed empathy towards the disappointment felt by the affected customers. The company assured that it would honor the protections for which the customers had paid through the end of their current term.

The cancellation news has raised concerns and worries among pet owners who heavily relied on Nationwide's coverage. Christie Keith, a freelance writer from Michigan, shared her experience with USA Today, stating that she had been paying a substantial $600 per month in pet insurance premiums for her dogs, which had later been increased to $700 due to adding coverage for one of her four-year-old Silkan Windhounds.

Keith voiced her concerns, explaining that her older dogs required medical treatment, with one of them recently hospitalized and suffering from an undiagnosed illness, while the other received treatment for a back injury. She emphasized the importance of her dogs within her family unit and expressed anxiety about finding an alternative that would cover the pre-existing conditions of her beloved pets.

According to NerdWallet, pet insurance is held by 24% of pet owners in America, offering them peace of mind against unexpected medical costs related to their pets. The coverage provided can vary depending on the policy, covering a range of medical procedures and treatments.

Nationwide's decision to cancel pet insurance coverage has left many uncertain about their future options and financial security regarding their pets' healthcare. The affected customers will be notified in writing, in accordance with state laws.

While Nationwide Insurance has assured that their rates will continue to be fair and appropriately priced for the plan, pet, and breed, the company's move has sparked concerns about the availability and affordability of pet insurance coverage in the future.