Homeowner's Question

[buckistater]

Does anybody know of a way to get around a restricition against renters having pets on an investment property?

For instance: signing a waiver of liability, or a renter's policy which would cover animals as a liability?

 

[Guest]

who's restriction is it?

 

[scig]

How bout an exclusion?

 

[buckistater]

I'm not very familiar with homeowner's, I'm a life, health, DI agent, it's for my personal rental.

I was told that there is a restriction from the carrier that the policy isn't valid if there are pets present in the rental. I asked him if he could change carriers but he has multiple investment properties' on the same policy so he doesn't care to move it.

I'm not sure what else to ask him.

Would an exclusion mean he would remain personally responsible if something happened with respect to the animals?

 

[the mayor]

I take it you are trying rent/lease this property?
There isn't a way around it.
If the owner can not get the carrier to to endorse it...no dice.
If the carrier says no pets...it's no pets.

Sadly, pets can be a sticking point. I do a lot with Bully breed rescues. I see a lot of dogs ( and every other kind of pet) hit shelters because the owners can not find places.

 

[buckistater]

Yes, trying to enter into a lease, he just called last minute with this information, said he hasn't come across it before.

I guess my last hope is that the dogs (girlfriends) are both less than 25 lbs. are there typically specific breed restrictions or is it basically a blanket restriction?

Thanks for your input.

Josh

 

[scig]

Normally they exclude only specific breeds such as dobermans, rottys, pit bulls and chows. A couple others are thrown in there as well.

 

[Guest]

I'm not very familiar with homeowner's, I'm a life, health, DI agent, it's for my personal rental.

I was told that there is a restriction from the carrier that the policy isn't valid if there are pets present in the rental. I asked him if he could change carriers but he has multiple investment properties' on the same policy so he doesn't care to move it.

I'm not sure what else to ask him.

Would an exclusion mean he would remain personally responsible if something happened with respect to the animals?

The landlord has a liability exposure if a renter's pet causes bodily injury to a third party. The insurance company denies coverage because the policy has a exclusion specifically for pets. Or, when the landlord applied for the insurance and answered "no" to the question about whether or not pets are allowed the carrier could deny coverage, due to a misrepresentation on the application.

It is possible that when the landlord applied for insurance there was a question about whether or not pets are allowed. If the answer was "yes" the landlord could have experienced alot of carriers declining to quote. If the answer was "no" the landlord was able to obtain very competitive premiums. Also, to underwrite the landlord's insurance the carrier may have requested a copy of the rental agreement for assurance there is a "no pet" clause.

Similarly, it is possible when you make application for your renter's insurance there may be a question about pets that may affect the premium for renter's insurance.

You may have a opportunity. You opened the door by asking him to change insurance companies and it is enticing that he divulged they own other properties. You may want to pursue this by talking to some agents that specialize in commercial P & C insurance. Start by having a discussion concerning the marketplace for habitational property owners and the affect that pets owned by renters have on the marketplace. Also, who knows the agent or agents you contact may already be familiar with owner of your rental building. As you get to know him better you may find out if he is the insurance purchase decision maker for the habitational properties. I know you do not do P & C insurance but I like to point out opportunities when they arise.

 

[the mayor]

Y
I guess my last hope is that the dogs (girlfriends) are both less than 25 lbs. are there typically specific breed restrictions or is it basically a blanket restriction?

Josh

There are both breed specific and " no dog" or "No pets" restrictions. If he breaks that rule and has a claim...the claim can be rejected and he may not be renewed.
Always check the specifics if you are a renter and have a pet.( this on on both home and commercial rentals)
Many good pets end up in shelters because the owners did not check...and the pet gets evicted.
I own both habitational and commercial rental property. And although I am involved in bully breed rescue, I make clear in the contract that I have the right to inspect/ assess the dog(s)( which is a nice way of saying that I am inspecting the dog owner) before and during the agreement. Some people should not own dogs.
good luck

 

[buckistater]

Thank you guys, information is very helpfull. Good call cowbell, may help me build a relationship with a local P&C, then I can bother them with my questions!