One of the industry’s key insurance firms has launched an extension to its landlord insurance that offers pet damage cover, claiming it offers agents and landlords ‘peace of mind’ ahead of the Renters’ Rights Bill becoming law later this year.

Total Landlord says it offers both one-off damage cover as well as long-term wear and tear.

Pet damage insurance has become a contentious subject in recent months – the Government initially said the Bill would allow agents and landlords to request tenants get insurance, but then oddly retreated saying the industry wasn’t ready to provide this kind of insurance at scale.

This was a curious statement given that, along with Total Landlord now, at least half a dozen other insurers offer this kind of cover either as standalone policy or as ‘add-ons’ to existing products.

Nevertheless, recent disputes data from government authorised tenancy deposit protection provider Mydeposits highlights the growing financial risk that pets can pose to rental properties.

On average, settlements involving pet damage are 141% higher than those without (£1,520.24 compared to £629.92).

And in 35% of disputes involving pet damage, the cost of repairs exceeds the deposit protected, leaving landlords vulnerable to significant out-of-pocket expenses.

As pet ownership among tenants is likely to rise following the new legislation, these figures highlight the need for reliable insurance policies that go beyond the traditional deposit system.

Total Landlord’s new pet damage insurance provides landlords with up to £2,500 per policy period for protection against pet-related damage to buildings or landlord contents to cover unforeseen losses.

The insurance firm claims that unlike many competitor products, which primarily protect against one-off accidental damage incidents, its policy also covers gradual wear and tear specifically caused by pets, such as a dog or cat scratching at a carpet over time, thereby offering broader and more practical protection.

The policy is available immediately to new and existing Total Landlord insurance customers as an ‘optional paid for’ extension to their Total Landlord insurance policy and costs £134.40 (including tax) per year per tenanted property.

Landlord concerns

Eddie Hooker, CEO at Total Landlord, says: “Our new 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 recent decision not to mandate tenant reimbursement for pet damage insurance, landlords are left exposed to additional risk.