Insurer launches pet damage policy for landlords ahead of Renters’ Rights Bill

A new landlord pet damage policy has been launched to provide financial protection for landlords against damage caused by tenants’ pets.

The provider, Total Landlord Insurance, says the move is in response to the upcoming Renters’ Rights Bill.

The bill will give tenants the right to keep pets in rental properties, with landlords only able to refuse if they have a valid reason.

£2,500 of cover per policy

The new product will provide £2,500 of cover per policy period for pet damage to buildings or contents (if insured), and will cover up to three pets per residential property.

The policy includes protection against long-term wear and tear, such as a cat or dog scratching a carpet, as well as one-off incidents.

It is landlord-controlled, which Total Landlord Insurance says removes the risks associated with tenant-purchased insurance. Cover applies to all domestic pets kept indoors, with pet details only required at the claims stage.

It will cost £134.40 per year per tenanted property.

The insurer says the policy is available immediately to new and existing Total Landlord Insurance customers as an optional paid-for extension to their policy, with plans to launch it as a standalone product in the near future.

Landlords who wish to use it will need to take a traditional security deposit from the tenant, protect it with a government-authorised tenancy deposit scheme, and have a professional inventory or condition report prepared as part of the tenancy agreement.

Landlords are left exposed to additional risk

According to mydeposits, on average, settlements involving pet damage are 141% higher than those without (£1,520.24 compared to £629.92). In 35% of disputes involving pet damage, the cost of repairs exceeds the deposit protected, leaving landlords out of pocket.

Eddie Hooker, CEO at Total Landlord, says this is one of the key reasons for launching the new policy: “Our new pet damage protection policy is a direct response to landlord concerns in the evolving rental market. With deposits currently capped at five weeks’ rent and the government’s recent decision not to mandate tenant reimbursement for pet damage insurance, landlords are left exposed to additional risk.

“We understand the challenges that come with allowing pets in rental properties, and our policy offers landlords the financial security they need to confidently accommodate responsible pet ownership.”

Despite landlords not being allowed to require tenants to take out pet insurance, members of the House of Lords have voted to accept an amendment allowing landlords to take a separate pet damage deposit of up to three weeks’ rent, in addition to the usual deposit cap.

However, the amendment still needs approval from the House of Commons before it can become law, and one firm warns that its passage is uncertain and the details remain unclear.

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