With a new University year upon us, and a new wave of students flooding into University Cities, landlords of student rentals need to make sure they have the best possible insurance in place. At SJL Insurance, as property specialists for 20 years we understand that student properties provide a different challenge to a standard rented property, so all landlords should consider the following when putting insurance in place:
- Accidental Damage Cover
Whilst this is a standard cover on most policies, some insurers can exclude this which leaves you exposed. One of the areas of enhanced risk in student accommodation can be Accidental Damage – we have seen many weird and wonderful claims from windows broken by darts to roof tiles broken by sunbathing students! – so make sure you have this typically basic cover in place!
- Extended Unoccupancy Cover
A lot of more basic landlord insurance policies out there offer a 30 day unoccupancy period to cover those periods between tenancies. In student properties, the gap between the end of the year and the start of the new year far exceeds this, so we recommend ensuring this is with insurers offering a 90 day period to take this into account. With our extensive market reach at SJL, we work with markets that offer this cover to give you the protection you need.
- Rent Guarantee Insurance
Ever since the Covid pandemic, this extension to your legal expenses cover has become essential as a landlord of any type – and this applies to student properties as well. In the event of the tenant withholding rent without cause, we can cover the landlord so they can continue to receive income. Worth considering in order to cover mortgage payments or other costs of running the property.
- Know your requirements
Finally, ensure you know your legal requirements as a student landlord. You may have a property in a University City that you want to rent out to students, but there are many requirements that you need to ensure you meet before considering this. Regulations regarding HMO’s (Houses of Multiple Occupancy) are vast to ensure your tenants are protected.
We have been insuring property owners, including student landlords for more than 20 years, so we can provide the advice and cover you need, ensuring you protect one of your most prized assets.
