If you own a property and plan to rent it out to students, it is advisable you take out student landlord insurance. This will help protect you financially if there is any problem with your property – for instance, if there is a fire, flood or burglary. Student landlord insurance can also help if items in your property get damaged, or if a student gets injured whilst in your property.
Student landlord insurance differs from standard landlord insurance in that it is typically more expensive. This is because students don’t make reliable tenants – they are more likely to cause damage to the property, or be irresponsible by (or example) leaving the door unlocked by accident. Therefore, the insurance company is taking a higher risk, so must charge more to make up for this. Of course, it is still possible to get a good deal on insurance if you shop around – look at companies online, possible using insurance comparison websites.
Landlord insurance for students usually provides cover for loss of rent as standard, as students can easily run short if money and be unable to pay. As well as this, they won’t be familiar with running a household, so may be lax with security. The student lifestyle of today could make the property prone to damage from teenage parties, another risk insurance companies must consider.
Some companies specialise in providing student landlord insurance. Getting insurance from providers like these is often cheaper, so be sure to check them out. Your landlord insurance will still cover the basics – cover against property damage through flood, storm or fire, theft, loss of rent and contents insurance. It is important to ensure all of these aspects are catered for. You don’t want to find yourself in a position where you don’t have the right protection when an incident takes place.