Attention Landlords: Weighing the Option of Allowing Pets

Posted on: December 21, 2017 by Fieldale Insurance Agents

If you’re a landlord, you know how difficult it can be to find quality tenants. It’s up to you whether or not to permit pets, but before making the decision, it’s time to weigh your options. There are pros and cons to each side of allowing and prohibiting pets, so read on to find out which policy works best for you. Before anyone moves in, ensure they carry their own Martinsville Renters Insurance. policy to mitigate your risk.

Pros of pets.

  • You’ll open yourself up to more prospective renters if you allow pets. Approximately 50% of renters have some type of pet, which would be a huge window of opportunity for you.
  • Renters with pets often have longer tenancies.
  • They make more money than non-pet owners. According to Practical Apartment Management, by Edward N Kelly, 65% of pet owners earn over $50,000 a year. You should run a credit check to help determine if this money will go toward paying the rent.
  • You can charge more in rent if you allow pets, especially when it comes to deposits and pet rent.
  • Overall, animals relieve stress. This means that your tenants will be happier.
  • Finally, you can count on them being responsible tenants. If they take good care of their pets each day, chances are, they’ll take good care of your unit, too.

Cons of pets.

On the contrary, there are some increased risks when you allow your renters to bring their furry friends. Here are some things to consider:

  • The most obvious risk is damage to your dwelling. Accidents, chewing and scratching of floors and carpets can be a pricey fix.
  • Next, you incur liability by letting renters have pets. If they bite someone, they could sue you.
  • Neighbors who are not accustomed to dogs might be bothered by constant noise and barking. If someone lives below your unit, they can submit complaints. Or, if your tenant’s dog barks incessantly, you risk losing other valuable tenants in other units.
  • Finally, pets go hand in hand with odors. They are animals, after all, and riding a dwelling of pet odors after a pet has lived there for a while can be challenging.

There are pros and cons to each side of renters with pets, which is why it’s important to evaluate your options and create a policy that is lawful and nondiscriminatory. In fact, even if you have a no pets policy, you cannot violate the housing rights for the disabled who require an animal for their well-being. You can ask for a note from their physician verifying their need for an assistance animal, says The Balance.

The definition of “disabled” is broadening every day. Service dogs for the blind or paralyzed used to be the norm. This law has now expanded to allow animals for groups such as the clinically depressed and those with post-traumatic stress because the animals can provide emotional support, explains the article. Before writing a policy, remember these laws!

About Fieldale Insurance Agency

At Fieldale Insurance Agency, we understand the risks that you face as a driver. Our comprehensive auto insurance policies are written specifically for you in mind in order to adequately protect you, your vehicle, and your passengers. To learn more, we invite you to contact us today at one of our two locations.

Posted in: Renters Insurance

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