Protecting your property
The importance of taking a tenancy deposit
A traditional tenancy deposit remains one of the most effective ways for landlords to protect themselves against damage, including from pets. The deposit serves as a financial safety net, allowing landlords to claim for repairs or cleaning if needed at the end of a tenancy.
Recent mydeposits data highlights the growing financial risk that pets can pose. 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 vulnerable to significant out-of-pocket expenses.
While the number of end of tenancy deposit issues involving pets is not currently high, as pet ownership among tenants is likely to rise following the new legislation, these figures underline the importance of not only taking a deposit but also considering additional protection beyond the deposit to cover larger or unforeseen costs.
With capped deposits, landlords are exposed to pet-related damage. Total Landlord’s pet damage protection offers up to £2,500 in cover per property, including both accidental damage and gradual wear and tear such as claw marks or stains.
Key features of pet damage protection:
£2,500 cover for pet damage to buildings or contents
Includes cover above wear and tear such as scratching, as well as single incidents
Covers up to three pets per residential premises
Landlord-controlled policy, eliminating risks associated with tenant-purchased insurance
Covers all domestic pets kept indoors, pet details are only required at the claims stage
Affordable pricing at £134.40 (including IPT) per year
The policy is available to both existing and new customers as an optional extension to Total Landlord’s existing insurance policies. Landlords must take a traditional deposit, protect it with a scheme like mydeposits, and make sure a professional inventory is completed.
“Our 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 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.”
Note: A previous version of the Renters’ Rights Bill allowed landlords to require tenants to take out pet insurance or be reimbursed for the cost, this was dropped. The landlord cannot require the tenant to purchase a policy and cannot be reimbursed for any costs incurred by the tenant.
