New pet insurance ahead of Renters Rights Bill

Lettings insurance supplier Paymentshield has changed its tenants’ contents product in anticipation of the Renters Rights Bill becoming law.

The updated tenants’ contents policy adds further protections for damage that might be caused by a pet to a landlord’s property, with cover extending up to £10,000.

The Renters’ Rights Bill, which is expected to become law this spring, will see landlords no longer able to “unreasonably” refuse a tenant’s request to keep a pet at a property. However, landlords will be able to require a tenant has suitable insurance in place to cover any damage that the pet may cause to their property.

The government’s Animal Sentience Committee released a report on the Renters’ Rights Bill that estimated “40% of tenants may request permission to keep a pet, of which one-third will be successful. With 4.6m private rented sector households in England this increase is potentially 0.6m pets”.

Read the full article at Letting Agent Today