"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"
- Rana Ali - Paymentshield
Paymentshield has announced that it has updated its tenants’ contents policy, adding 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 4.6 million private rented sector households in England this increase is potentially 0.6 million pets”.
Paymentshield’s proactive policy update aims to provide tenants and landlords with greater protection and peace of mind ahead of the proposed regulatory change.
The tenants’ contents insurance provided by Paymentshield is available on a rolling subscription model, to provide tenants with greater flexibility should their circumstances change.
“The long-awaited Renters’ Rights Bill is set to reshape the private rental sector," notes Rana Ali, Director of Distribution for Lettings at Paymentshield, "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.”
