Pet: I will occupy identical place around front of couch (7,3)
I believe the answer is:
siamese cat
'pet' is the definition.
(type of cat)
'i will occupy identical place around front of couch' is the wordplay.
'will occupy' is an insertion indicator (inserted letters occupy or enter the word).
'identical' becomes 'same' (similar in meaning).
'place' becomes 'seat' (synonyms).
'around' is an insertion indicator.
'front of' indicates taking the first letters.
The first letter of 'couch' is 'c'.
'i' put within 'same' is 'siame'.
'seat' enclosing 'c' is 'secat'.
'siame'+'secat'='SIAMESE CAT'
(Other definitions for siamese cat that I've seen before include "Carnivore" , "Feline breed" , "What might be cunning" , "Kitty" , "Domestic pet" .)