43% of tenants have pets – so where’s the protection for landlords?

43% of tenants have pets – so where’s the protection for landlords?

16:06 PM, 15th October 2014, About 10 years ago 35

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Pet Damage Insurance

Just suppose that taking tenants with pets was an insurable risk!

Would pet owners pay for the policy?

I met with our insurance partners yesterday and discussed the dilemma’s that many landlords have over whether to accept tenants with pets or not.

We reckon that if demand is high enough we persuade a major insurer to create a policy which would pay for  damage caused by tenants pets directly to landlords.

A worthwhile policy probably wouldn’t be cheap, our best guess at this stage is around £180 a year , but if tenants were given the choice to pay for it (annually up-front of course) before taking on the tenancy ………. ???

By advertising that you are a pet friendly landlord the statistics suggest you could almost double the number of enquiries from renters next time you advertise your property. If your prospective tenants refuse to buy a policy then your decision on whether to rent to them would be much easier to make and to justify!

I am inviting landlords and tenants to post comments below this article and also to re-tweet my Tweets which can be found below the expression of interest form.

At this stage we are merely attempting to establish demand for such an insurance policy.  If you are a landlord and this is something you would be open minded enough to support “in principle” please complete the form below which doesn’t commit you to anything. To make it worth your while, we will arrange for our current insurance partners to call you to explain how we can GUARANTEE to reduce your landlords insurance premiums, but not until you are close to your next renewal date for obvious reasons.

 


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Mark Alexander - Founder of Property118

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12:30 PM, 17th October 2014, About 10 years ago

Reply to the comment left by "Ian Ringrose" at "17/10/2014 - 12:25":

Yes that was my point Ian.

The underwriters risk would be the pet owners ability to take responsibility. I suspect that if a claim was to be made the insurance would be unavailable or unaffordable going forwards, hence the risk to the insurer reduces substantially and their prospective profit rises, especially if it becomes the norm for ALL landlords to insist upon pet owners having this type of cover.
.

Ian Ringrose

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12:37 PM, 17th October 2014, About 10 years ago

Reply to the comment left by "Mark Alexander" at "17/10/2014 - 12:30":

But, will it be a SINGLE payment the tenant makes before getting the keys, or do I have to trust the tenant to keep up the insurance payments every year?

If it becomes the norm for ALL landlords to insist upon pet owners having this type of cover, then the worse pent owners will just try harder to hind the fact that they have a pet.

Mark Alexander - Founder of Property118

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13:04 PM, 17th October 2014, About 10 years ago

Reply to the comment left by "Ian Ringrose" at "17/10/2014 - 12:37":

It's just a concept at this stage Ian.

The purpose of this article is to establish what landlords would want to make them feel more comfortable to agreeing to be pet friendly.
.

Neil Woodhead

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13:19 PM, 17th October 2014, About 10 years ago

Mark You should consider getting Lets with Pets on your campaign group.

NewYorkie

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13:33 PM, 17th October 2014, About 10 years ago

Reply to the comment left by "Mark Alexander" at "16/10/2014 - 22:18":

Hi Mark,

I've had a call/quote from Discount (I do require insurance now) but not heard from CIA. Is the idea that only one of your partners will call?

By the way, I am in favour of an optional component for pet cover, which can be offered to a tenants with the cost included in their rent.

If we are talking 'pet' horror stories, my sister handed over letting responsibility for her first (and last) ex-council rental to the council. Following complaints direct to her from neighbours, she called the council, who said they would look into it. They didn't! So, she turned up at her flat with a clipboard, told the tenant she needed to carry out an inspection, and just pushed her way in before he could object (apparently, he was off his head on something anyway!). She was horrified at what she found. The previously immaculately refurbished flat had been destroyed. The oven door was hanging off where someone had clearly stood on it to reach the grill above, the new carpets had been removed, there was cannabis growing in one room, and when she looked in the lounge, found the floor covered with filthy newspaper, excrement and urine, and 6 'Staffie' pups and mother. The tenant was using it to breed banned dogs!

Neil Woodhead

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13:41 PM, 17th October 2014, About 10 years ago

Lou You will probably find that these circumstances would not be covered....I am sure any policies would exclude banned breads and there will be some onus on LL to check property regularly which will highlight these issues

Neil Patterson

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15:02 PM, 17th October 2014, About 10 years ago

Hi Lou,

We work with both Discount and CIA so we have a bit of competition for customer service and price. However they both offer the same price guarantee and levels of service so it should make no difference who you speak to as Jason our insurance chap monitors both 🙂

NewYorkie

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15:26 PM, 17th October 2014, About 10 years ago

Reply to the comment left by "Neil Patterson" at "17/10/2014 - 15:02":

Thanks Neil. Should I expect a response from CIA for comparison purposes?

Neil Patterson

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15:32 PM, 17th October 2014, About 10 years ago

Not normally unless you are unhappy for any reason as you will receive the same prices and service from both 🙂

Although if you have made multiple requests it is quite possible.

Mark Alexander - Founder of Property118

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16:00 PM, 17th October 2014, About 10 years ago

Reply to the comment left by "Neil Woodhead" at "17/10/2014 - 13:19":

Great idea Neil, do you have any contacts at "Lets with Pets" who you could speak to about this for us please?
.

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