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What is Student Landlord insurance and what does it cover?
Renting a property to students requires a specific type of insurance.
It is a specialist policy designed to cover the unique risks associated with letting properties to students, due to the associated higher risks such as accidental or malicious damage along with the potential for a higher tenant turnover.
Coverage will vary from policy to policy, but typically this product includes a range of protections to safeguard your property including:
- Buildings Insurance: This is crucial for protecting the premises, as it protects the structure of your property against events such as fire, flood, storm and subsidence.
- Landlord Contents Insurance: It is important for landlords to have insurance in respect of furnished or part-furnished student properties. This aspect covers any furniture, appliances, and furnishings you have provided as part of the tenancy agreement.
- Property Owners’ Liability Insurance: This protects you against legal costs and compensation claims if a tenant or visitor is injured on your property due to your negligence as a landlord.
- Accidental Damage: This is a key feature for landlords with student tenants, as it covers unintentional damage to the property or its contents.
What doesn’t Student Landlord insurance cover?
Although Student Landlord insurance provides a range of important covers, like any insurance policy there are standard exclusions such as malicious damage by tenants and/or their guests. However, subject to certain criteria the policy we offer can be extended to cover this.
Other things that Student Landlord insurance doesn’t cover include:
Tenant’s personal possessions: Your policy will not cover any students’ belongings such as laptops, mobile devices or other valuables. Instead, your student tenants will need to purchase their own contents insurance policy.
Wear and tear: Any gradual damage which occurs over time is not covered.
Maintenance issues: The general upkeep and maintenance of the property, such as a combi-boiler breaking down is not included.
Do I need Student Landlord insurance?
If you are renting to students, then yes, it is highly recommended you take out a specialist Student Landlord insurance policy, including when your mortgage lender requires you to take out appropriate cover to protect their interest.
Of note, standard residential landlord policies do not usually cover the increased risks associated with renting to student tenants and your policy may be invalid.
How much does Student Landlord insurance cost?
There are a range of factors which will determine and impact the cost of your policy such as:
- Location
- Size of Property and number of students
- Property Type
- Level of Cover
- Optional Extras
To ensure you receive an accurate quote for your Student Landlord insurance, it is important you provide the most accurate details as possible so we can tailor our proposal to suit your needs.
Frequently Asked Questions - Student Landlord Insurance
Students are generally considered a high risk tenant due to a number of factors.
These include a higher likelihood of accidental or malicious damage and the increased possibility of higher tenant turnover, which can lead to periods of vacancy and increased administrative costs.
Of note, standard landlord insurance policies will often not provide cover for these specific risks.
No, you do not need to insure your student tenants’ personal belongings. Students will be responsible for taking out their own contents insurance to protect their possessions.
Your Student Landlord insurance only covers items you own and have provided in the property.
Yes, it is common for a Student Landlord insurance policy to be more expensive than a policy for professional tenant(s) due to insurers classifying students as a higher risk.
For landlords with multiple student accommodation properties, you can often purchase a portfolio Student Landlord insurance policy.
This allows you to combine all your properties into one single policy. This can be a more cost effective and convenient way for you to manage your insurance needs.
Our Landlord Insurance Products
Buy-to-Let Landlord Insurance
Buy-to-let landlord insurance is designed to offer protection for your rental property that goes beyond basic home insurance.
HMO Insurance
HMO landlord insurance has been designed to protect landlords who rent out properties to multiple tenants under a HMO arrangement.
Commercial Landlord insurance
Commercial landlord insurance is a type of cover that protects a property owner who rents out their premises to a business.
DSS Landlord Insurance
If you own a property and rent it to a tenant who receives benefits, such as Universal Credit or Housing Benefit, the policy you need is often known as a DSS landlord insurance.
Landlord Portfolio Insurance
Landlord Portfolio insurance is a single insurance policy providing specialist cover for multiple buy-to-let properties.
Student Landlord Insurance
Renting a property to students requires a specific type of insurance. It is a specialist policy designed to cover the unique risks associated with letting properties to students, due to the associated higher risks such as accidental or malicious damage along with the potential for a higher tenant turnover.
Holiday Home Insurance
If you own a second property that you use for leisure or rent out to holidaymakers, it is important to have specialist holiday home insurance.