What You Should Know about Landlord Insurance and Allowing Pets

Allowing pets into your rental property in Selden NY can offer some benefits. Almost half of renters own pets, so when you allow pets you can have a larger group of tenants to choose from. Pet owners tend to make more money and stay in a rental longer. Tenants that have pets can also be more responsible, since they demonstrate they can care for an animal and they are usually happier. However, there are some things you should know about your insurance if you choose to allow pets into your rentals.

Check with your agent at XL Brokerage Inc. about your liability risk for your insurance. It’s important to know the amount of liability coverage the policy includes. There may be limitations or exclusions to coverage, and there could be some dog breeds that are considered to be dangerous. In court, if a tenant’s dog injuries a person, courts will hold the landlord liable. This is the case if he or she knew the dog was dangerous and could have had the dog removed. It also applies if the landlord could have kept the dog and cared for it, or had some control over the dog.

Include your pet policy in your lease, so tenants clearly understand the lease and can agree to the terms. You can require your tenants to have renters insurance that will cover your units, and it will cover you in the event of an accident or bite with the pet. You can charge a pet fee to cover the expense in your insurance going up as well. There are some rules about these types of fees, and they can’t be more than a specific amount.

It’s important to note that even if you don’t want to allow pets, landlords must provide reasonable accommodations for service and support animals. It’s necessary to comply with the Fair Housing Act and fees can’t be charged for service animals.

Contact XL Brokerage Inc. serving Selden, NY, to get a quote on landlord insurance.