Paymentshield has introduced pet damage protection to its tenants’ contents insurance, responding to updates in the upcoming Renters’ Rights Bill.
This updated policy includes cover for damages that pets might cause to a landlord’s property, with a limit of up to £10,000.
The Renters’ Rights Bill, expected to pass into law this spring, will stop landlords from ‘unreasonably’ refusing tenants’ requests to have pets.
However, landlords will require tenants to hold appropriate insurance covering any potential damage caused by pets.
The Government’s Animal Sentience Committee reported that 40% of tenants may request permission to keep a pet, of which one-third will be successful.
It said: “With 4.6 million private rented sector households in England this increase is potentially 0.6 million pets.”
Paymentshield’s new policy is aimed at offering more protection and peace of mind for both tenants and landlords ahead of these regulatory changes.
The tenants’ contents insurance can be accessed on a rolling subscription model, allowing flexibility for tenants whose circumstances may change.
Rana Ali, director of distribution for lettings at Paymentshield, 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.
“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.”
