On Christmas morning in Lady and the Tramp, Jim Dear hides a cocker spaniel puppy in a box under the Christmas tree for his wife Darling, whom she names Lady.  But before Jim did his holiday shopping at the pet shop, did he consider the risks and liabilities Lady could bring home?  Here are some things Jim should have considered before giving Darling a pet for the holidays:

Sick Puppy

The concept of health insurance for pets is NOT suitable for everyone. These are non-regulated insurance products, so purchasers have no recourse through state insurance regulators if there is a problem or complaint with their coverage. Many pet insurance policies exclude routine examinations, vaccinations and pre-existing conditions. Make sure to research any pet insurance product carefully before buying it.

Is Lady a biter or a chewer?

As a dog owner, you can be held financially responsible if your animal attacks and injures a person or property. That bite can also have implications for your insurance. Most people are bitten by dogs they know, not strays. According to the Insurance Information Institute, about 50% of all dog bites happen on the owner's property. Make sure you have adequate liability coverage before you bring a new pet into the home.

What kind of dog is that?

Many insurance companies are now routinely asking in their policy applications if homeowners or renters have dogs and if those dogs have a history of aggressive behavior. Some companies may even deny coverage to those who own certain breeds of dogs, including wolf hybrids, pit bulls and Rottweilers. Insurance companies can deny claims or limit coverage for dog owners who do not take precautions to prevent their animals from attacking.

How much was that doggy in the window?

Pet owners must understand that no matter what they paid for their pet, most homeowners insurance policies exclude damage or injury to animals. So if your pet is injured or killed in a fire, there's a chance you will not be able to claim it as a loss.

Beyond cats and dogs

Families who are considering buying horses, goats, calves, pigs and other farm animals may want to consider livestock or animal mortality products that cover certain losses, including drowning and electrocution. These are considered specialty products.

For more information on how to be a responsible dog owner, click here.

Information from Big "I" Association News.