Paymentshield enhances tenant’s contents cover for pet damage

Insurance provider Paymentshield has revamped its tenant contents policy ahead of the Renters’ Rights Bill which will restrict landlords from ‘unreasonably’ denying pet requests.

The updated product includes expanded protection for property damage caused by pets, offering cover up to £10,000.

Under the Bill, landlords can ask the tenant for appropriate insurance to cover potential pet-related damage.

Pet insurance for tenants

The firm’s director of distribution for lettings, Rana Ali, said: “The long-awaited Renters’ Rights Bill is set to reshape the private rental sector.

“Our team has been working hard to ensure that we’re well-placed to support both tenants and landlords throughout this time, and the changes to our tenants’ contents insurance policy reflect this.”

He added: “Our updated policy means tenants will already have the cover in place to meet any stipulations from the landlord, making the addition of a pet to the house possible and providing peace of mind for both parties.”

40% of tenants may request permission

The government’s Animal Sentience Committee released a report on the Renters’ Rights Bill which estimated ‘40% of tenants may request permission to keep a pet, of which one-third will be successful.

“With 4.6 million private rented sector households in England this increase is potentially 0.6 million pets.”

Paymentshield’s policy update aims to provide tenants and landlords with greater protection and peace of mind ahead of the proposed regulatory change.

The tenant’s contents insurance is available on a rolling subscription model, to provide renters with greater flexibility should their circumstances change, the insurer says.

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