3 Reasons You Must Boost Your Emergency Fund if You're Adopting a Pet

When my family adopted our dog Champ three years ago, it was an occasion to celebrate. We'd been looking for a dog since losing our previous pup, Casey, and Champ's quirkiness and energy level were an instant fit.

My husband and I spent the first few months after Champ's arrival helping him settle into a routine and get comfortable in our home. But we also made a point to pad our savings after welcoming him into the fold. And if you're adopting a pet, it's important to boost your emergency fund, too. Here's why.

1. You might have to pay for a healthcare emergency

You never know when your pet might get hurt or sick. If you don't have pet insurance, your costs could be astronomical. It's important to have extra money in savings in case a health emergency strikes.

Even if you have pet insurance, you're not guaranteed to have every issue with your pet covered. Pet insurers generally won't cover treatment related to pre-existing conditions, for example. If you're adopting an older pet, you might have several conditions that aren't eligible for coverage. 

2. You might have to shell out money your pet insurer doesn't reimburse for quite some time

Let's say you do have pet insurance, and your pet needs care that is covered by your policy. You might still have to shell out a lot of money upfront and wait to get reimbursed. And it might take your insurer weeks or months to pay you back.

Unlike human health insurance, where you'll commonly hand over a copay and have the bulk of your care charged to your insurance company directly, with pet insurance, you often have to foot the bill in full and then wait to get reimbursed. You need extra savings on hand to bridge that gap.

3. You might need to pay for pet-sitting services in a pinch

Maybe you work from home and are around to care for your pet at all times. And maybe you're not someone who travels a lot, so you don't really need to worry about a pet sitter.

That might be the case most of the time. But what if your circumstances suddenly change?

You never know when you might fall, break a bone, and find yourself unable to walk your dog for a period. In that case, you're looking at the added expense of a dog-walker.

Similarly, you might have to go out of town at the last minute to visit an ailing family member or for job-related purposes. Without extra savings in the bank, you might really struggle to cover the cost of a pet sitter.

Pet care has caused 37% of pet owners to go over their pet-related budget, according to a recent Lemonade survey. That's not a trap you want to fall into.

It's important to have a solid emergency fund at all times. But padding your savings makes a lot of sense when you're bringing a new pet into the mix.