When you're letting to students, landlord insurance for student lets covers accidental and malicious damage, and the policy will pay for alternative accommodation if there's a fire or a flood and but does not cover the student's personal property.
When you let to students you need to make sure you have a good student landlord insurance in place. You need to make sure it's affordable and covers everything you need from start to finish.
This guide will help you understand landlords insurance for students, as there are many aspects you need to understand before you buy a policy from any insurance company.
There are 2.5 million students in the UK, 56% of them being female. So you have a market for letting properties to them. When you let a flat out to students, you will need some sort of insurance that covers the flat for the worst.
Landlord insurance is necessary by law, but having a mortgage on the property will lead to your bank or mortgage provider, asking you to get covered. Also, students are mostly under 25 year old and accidents do happen.
You can consider adding buildings and contents insurance to your policy, as well as loss of rent cover. Students can also take out separate insurance for their own personal contents.
You don’t need it, and you could get away with it, but when something happens to your corner sofa or any other furniture you have purchased, you won’t be covered. If you buy second-hand furniture you don’t need to worry that much, just buy it again.
Contents only insurance could set you back £150 for the year, ask yourself, is it worth not having just for that added protection?
Same again, you need building insurance by law but it helps you feel better, knowing you’re covered. If you own a buy to let property and the property is still owned by the banks, you’ll need building insurance, they will assist on it.
Can I get away with having no insurance?
You know by now that you can get away with having no landlord insurance, however, if your property is making you a good profit year on year, why no have it.
The cost of landlord insurance will vary form insurer to insurer; an average cost could be £150 to £200 per year. This will cover buildings insurance, contents insurance and loss of rent guarantee cover.
This is another good reason to have a good landlord insurance policy. If you take legal cover with a policy, it will pay for eviction students the lawful way and you can also claim back rent that’s due.
Your insurance companies will deal with lawyers, courts and just about everything else you’ll need.
We recommend you interview your potential students. Ask them a few questions and about how they will pay the rent on time. (If they say, their parents pay the rent, great!) Ask if they have a part time job, which helps them stay on top of their bills.
Landlords insurance for student lets is highly recommended, as to many problems can happen and you’re l the one that’s takes the blame for any liability. Cover you building and contents with a great policy you can afford, you’ll sleep better at night.
Why don’t you take advantage of the free comparison form, it compares the best landlord insurers all in one go, so you don’t have to.