A new insurance product is being launched ahead of the reforms expected to become law as part of the Renters Rights Bill.
Alps, a provider of insurance add-on policies, has launched ‘Not for Lions’, a new Landlord Pet Damage Policy.
The Bill, which is expected to become law this spring, will give tenants increased rights to keep pets at rental properties. Whilst landlords will have reduced autonomy to reject such requests, they will have the ability to request that tenants keeping pets at their properties either obtain pet damage cover or reimburse the cost of a specific insurance purchased by the landlord.
Not for Lions – developed by ancillary insurance provider Addept Insurance with support from The Salvation Army General Insurance Corporation – can be an add-on to both new and existing buildings and contents insurance, and will offer cover for pet damage up to an aggregate of £5,000 per period of insurance.
An Alps spokesperson says this is a “responsive cover to market at a time when landlords are facing increasing uncertainty. It’s an important product landlords, providing protection and peace of mind at a level affordable to most tenants.”
This article is taken from Landlord Today