Unless your pet produces income for your family (Morris the Cat, Rin Tin Tin, etc) I don't believe that pet insurance is necessary. Your family budget should include an emergency fund for those kinds of accident/illnesses. Pet care should be a category to the budget just like child care, allowances, etc because it's truly a responsibility of the household. Pet insurance is expensive and usually not even collected upon. Plan for pet needs and emergencies with an emergency fund that can at least earn interest. An exception to my belief would be if your pet actively skydives recreationally.
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