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Property Management
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• Damage to doors and windows caused by excessive pawing or chewing due to untreated separation anxiety
• Damage to door and window screens or to a screened porch or lanai caused by an animal’ clawing
• Damage to walls and woodwork caused by an animal jumping and pawing at walls and cabinets.
Now multiply that damage by month after month of going untreated because the owner cannot afford proper veterinary care. Comprehensive pet insurance can offer greater peace of mind to tenants and to their landlords and property owners.
Why Should You Rent to Tenants With Pets?
Some property owners prefer to rent to tenants without pets in order to avoid the potential for damage and liability caused by pets on the property. However, there are a variety of reasons why renting to pet owners may be a good idea for your bottom line.
There Are More Pet-Owning Renters: According to a survey conducted by Apartments.com, more than 90% of renters currently have a pet or plan to become a pet owner. Indeed, in many markets, you’ll find far more pet owners than non- pet owners across the board. By renting to pet owners, you’ll increase your potential pool of tenants and keep your rental properties filled.
Pet-Owning Renters May Be More Responsible: In general, people with pets tend to be more settled and more financially responsible than those without. They may be more inclined to be responsible in other areas of their life, as well, including on-time rent payment and property care and maintenance.
Increased Tenant Retention: Pet owners tend to feel that what’s good for their pet is good for them, as well. Once they are settled, they may be reluctant to cause upheaval by moving again in twelve months. In order to avoid the search for another pet-friendly property, they may be more inclined to stay put. This saves the property owner money in marketing costs and turning over the property.
Renting to Pet Owners Increases Revenue: In many markets, pet-friendly properties are at a premium so you may be able to charge more in rent each month. In addition, many property managers charge more for pets either in the form of monthly pet rental fees or up-front pet deposits. All of
these charges add to your bottom line.
How Much Does Pet Insurance Cost?
Pet insurance costs can range from $10 to more than $100 monthly, with most premiums priced at between $30 and $50. Prices can be based on a variety of factors and are often cheaper for cat owners than dog owners.
In General, Is Pet Insurance Worth It?
Depending on the coverage, the answer may well be yes. Policies that cover wellness care can be especially helpful in offsetting the cost of veterinary checkups and preventive treatments. In the event of an accident, pet insurance coverage can literally be the difference between life and death, since even a minor injury may result in thousands of dollars in medical care that the tenant may be unable to afford.
Whether you choose to require pet insurance or not, you should consider requiring renters’ insurance. The reasons why are simple. Renters insurance limits the liability of the landlord or property owner in case of an injury in the home. A guest who is visiting your tenant and is bitten by their dog while onsite can seek compensation from the property owner. Renters insurance is the first line of defense in any subsequent legal proceedings, helping to protect the owner from liability and court costs.
Renters insurance can offer protection in the event that the tenant’s dog goes next door and damages the neighbor’s property. This helps to offer you protection against subsequent claims and ensures that your tenant does not experience financial loss which might impede their ability to pay rent or cause them to vacate the property before the end of the lease. As a property manager or rental agent, it is important for you to ensure that renters’ insurance is being paid and renewed on a regular basis. You may have to ask your renter to provide proof of insurance from their carrier regularly. They can request the needed documentation either online or by phone.
By partnering with Sure, RentSpree provides a fast and efficient process for obtaining renters insurance that landlords and property managers can share with their tenants. Your tenants will find on-demand quotes and easy sign-up for renters insurance policies. Subsequently, you can check for ongoing policy coverage right from the RentSpree dashboard, ensuring maximum convenience and reliability for you and your staff.
RentSpree is the preferred, online tenant screening provider of the Apartment Association of Greater Los Angeles. With it, you can put together a completed application package in one simple step. This includes a completed rental application, credit report and score, criminal background check, and national eviction history. RentSpree can handle the entire screening process for you and it takes just two minutes to start screening! Better yet, you can receive all reports back instantly at the property or at another time of your choosing. Visit https://aagla.rentspree.com to learn more.
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