There is a choice of cover when it comes to landlord insurance for student letting:
- Buildings insurance - will typically cover the cost of repairing any physical damage to the property’s physical structure such as the walls as well as permanent fixtures like baths and showers. Exactly what is covered will vary by policy but commonly includes protection against incidents like fires and extreme weather.
- Contents insurance – As student lettings are commonly done so on a furnished basis, you may wish to find a policy that covers your contents, landlord contents insurance covers the furniture, appliances and other items you provide in the property but not any of your tenants possessions, exactly what items are covered may vary by policy and you may find that some policies to not protect against some events such as theft, therefore shopping around to find the best plan for your specific circumstance is wise.
In other circumstances, property owners may also wish to include optional extras as part of their landlord insurance policy, for complete peace of mind. These can include:
- Rent guarantee insurance - designed to cover any loss of rent which may be caused, perhaps due to a dispute with a tenant or if the property becomes uninhabitable due to reasons outside your control, such as fire or weather damage.
- Landlord Liability Insurance - intended to cover the cost of any accident or injury claims that may be made against the property owner.
It should be remembered however that although this extra cover may be highly useful for student letting, while taking out a more comprehensive level of landlord insurance for student letting may prove more expensive you should find a level of cover that you feel successfully covers you against any concerns you may have. There are a diverse range of insurance products available to landlords therefore shopping around to try and find the policies that fits your needs best is a good idea.