Student Landlord Insurance

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What You Need to Know about Student Landlord Insurance

As the name suggests, student landlord insurance is for landlords who rent to students. If you are into this business as the landlord, note that not all insurers will provide cover for the rental service to students.

What is Student Landlord Insurance?

Student landlord insurance is a type of insurance that many mortgage advisors get involved in heavily. Before getting one, you have to understand how it works.

First, this type of insurance is similar to any homeowner's insurance in many ways. All these types of insurance contain the usual stuff, such as liability, contents, and buildings.

However, liability in student landlord insurance has more relevance, and it also includes many bolt-ons. This means that you can add stuff or coverage to it to make the insurance a more comprehensive package. This is why this type of insurance has become more competitive, with many companies offering a variety of options for coverage.

Three Types of Risks Covered by the Student Landlord Insurance

1. Damage to the building and contents : The usual standard risks covered by building insurance include fire, storm, and flood. This will give you an additional cover for other risks, such as terrorism. On the other hand, contents refer to yours and not your tenants' contents, which may not be included as standard. This is handy for landlord properties that are fully furnished.
2. Property owners' liability : This serves as landlords' protection against claims made by third parties that have something to do with your property. The claims include the compensation is successful and your legal defence.
3. Risks posed by tenants : These risks may refer to but are not limited to loss of rent cover, malicious damage, accidental damage, and more.

The Importance of Having Student Landlord Insurance

As a landlord, you are legally responsible for your tenants. You must ensure that your property gives them a comfortable and safe space or home. You need to get coverage for various reasons; one of the most prevalent reasons is to be covered if ever your tenant destroys or causes damage to the property.

Here's a closer look at the importance of acquiring student landlord insurance:

1. Cover for damages

The student landlord insurance can help cover damages to your property caused by extreme weather, theft, or fire. You will also get covered for loss of rent.

This insurance covers the leased building and related permanent structures, including sheds and garages.

2 Tenant protection

If you include this option as part of the coverage, the insurance will cover malicious damage caused by guests or tenants, theft, and unpaid rent. You will also get replacement locks in cases when the tenants no longer come back to return the keys.

Landlord Insurance vs. Home Insurance

Home insurance coverage includes the building you own and use for domestic purposes. It covers the following points:

Repairing or rebuilding your home
Temporary accommodation
Damaged or lost contents at the address indicated in the insurance, storage of undamaged things, and new for old replacements.
Spoiled medication and food

On the other hand, student landlord insurance gives you coverage for your rental property that is let out to students. It can covers repairing or rebuilding the rented property. It can also provide temporary accommodation coverage for students.

You can add a complete replacement cover to your student landlord policy for an additional fee. This means the insurance will cover rebuilding and repair when an insured event causes them.

You can also get paid the amount of the quote indicated in the assessment without the need to set a specific insured sum. This means that you won't be charged with additional costs.

The insured events for both kinds of insurance are the same, which include the following:

Escape of liquid
Lightning and storm
Fire

The Basic Coverage Included in a Student Landlord Insurance

The insurance offers many add-ons without leaving out the basics, which include the following:

Buildings

This coverage is pretty similar to standard building insurance. It covers any damage to the fabric of your property or its structure. You may already be used to it if you have a home or other kinds of building insurance.

In this case, make sure you are not lending on a flat or apartment where the block policy covers the space you are renting. This policy requires all maintenance charges to go to the block's premium.

New contents

This part of the coverage includes all the fittings and fixtures inside the property. They can be anything that a landlord provides for the tenant to use. The property can be semi or fully furnished.

These furnishing may include appliances, such as a microwave oven, rice cooker, dishwasher, washing machine, and so on. When tenants put their own stuff into the rented property, the insurance does not cover these things. If they want to protect their belongings, they can opt to get their own insurance as a student tenant.

Liability

This is often called public liability. It gives landlords coverage if your tenant or their guests encounter an accident or injury from something inside the property.

For example, they fell in an open hole outdoors and got injured, or your roof with a loose slate fell and injured or, worse, caused somebody's death.

This should be your liability as the landlord for not taking care of the hole or not maintaining your roof. With liability coverage, you will have a backup in case your tenant sues you for the injuries or fatalities brought upon by your negligence to keep the property safe.

Final Words

A student landlord insurance gives you coverage for unforeseen damages to your property. While deciding about it, you may want to include in the coverage a rent guarantee. This will ensure that you will get paid at times when your tenants fail to pay their rents for any reason.

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