A New Colorado Law Will Now Put a Limit on Pet Deposit Fees

If you have been planning on moving with your furry best friend, you might have to pay quite a bit when it comes to a pet deposit in Colorado. Soon, that is about to change as of 2024.

According to KDVR, Colorado's Governor, Jared Polis, has signed House Bill 23-1068. This bill limits the amount charged for a pet security deposit. The pet security deposit much also be refundable.

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What Will Pet Security Deposits Be in 2024?

House Bill 23-1068 puts a cap on pet security deposits at $300. The House Bill also limits fees such as pet rent to $35 per month or 1.5 percent of the monthly rent. Whichever of the two costs is higher will be the limit. Renters paying more than $2,333 per month could see higher pet fees over $35. This associated fee is nonrefundable and is added to the monthly rent costs if applicable.

What Does HB 23-1068 Mean for Homeowners

While the House Bill protects renters to be able to make having a companion pet more affordable, what exactly does the House Bill do for homeowners? The House Bill also included a provision that will no longer allow insurance companies to raise premiums, the refusal to issue or renew homeowner's insurance policies based on the breed of a dog.

Insurance companies can still refuse to issue, renew or raise rates on a case-by-case basis if a dog has been declared dangerous, however. Originally, House Bill 23-1068 was intended to ban pet deposits altogether. The final House Bill only capped pet deposits in the state of Colorado.

The new law capping the fees of pet deposits to $300 will be in effect on January 1, 2024.

Source: KDVR