Security Deposit/Pet Deposits

[Dan Remmert]

Looking for advice on security deposits and pet deposits in the Central Illinois area. 

How much should I get for security deposit? 

Should I get a nonrefundable pet deposit ? and/or addtional $ per month? 

I don't have a real good feel for the rental market yet.

[Jeremy Zindel]

Originally posted by @Dan Remmert:

@Jeremy Zindel

Thanks for the info Jeremy, do you have any restrictions like number of pets or size?  

By the way I get through Decatur often for work. 

 I don't allow cats at all (there is no amount of money you can pay me to try to get cat pee smell out of a house). For dogs, I never allow more than two, sometimes just one. 

As far as size, I usually just say small/medium size dogs considered. The big thing is restricting "aggressive" breeds. Check with your insurance company on this one. Many of them do not cover liability claims if it involves certain breeds that are deemed to be "aggressive" so you absolutely have to be on top of this one. There are insurance companies that do no discriminate against certain breeds but it usually costs a little more. Only once have I allowed a dog that fell into this category and paid the additional premium. 

The other big thing with pets and insurance is to require your tenants to carry there own renters insurance that has liability coverage with you listed as an additional insured.