Insurance News Landlord Insurance May Not Be Adequate For Student Tenants

13 September 2011 / by Jenny Thomas

We are getting close to that time of year where certain areas face an avalanche of fresh faced students looking for places to live.

While it can be a lucrative venture for landlords to provide students with accommodation, Swinton Commercial has urged landlords to ensure that they are properly protected by the right landlord insurance cover.

Whether it is a sense of youthful abandon or the knowledge that they are most likely going to be moving out within a year, students have a reputation for being untidy as well as damaging carpets and other furniture.

Higher Risk

This means that students are classified as being ‘higher risk’ than other kinds of tenants, and this means that landlords who rent to students are likely to face higher premiums from insurance companies.

Many landlord insurance providers offer products that could be useful to a landlord that is primarily dealing with student accommodation.  A few examples of such insurance policies are:

– Rent guarantee cover will protect you from any unpaid rent stopping you from honouring your own obligations

– Legal protection will protect you having to bear the full costs of legal disputes arising out of evicting tenants, infringement on your property by non-tenants, criminal prosecution and tax disputes

– Landlord Emergency cover will protect you from unexpected events such as plumbing and boiler problems

Practical Measures

Having the right polices is only one half of making sure that you are properly insured, companies like Swinton can also offer valuable pieces of advice on other practical measures that you can take:

– You should take photographs of the property both before and after each set of students occupies the property

– Make an extensive list if all the fixtures and fittings and than make sure that the students are given a copy

– Make sure all tenants are aware of the implications of causing damage as listed in the tenancy agreement

– Make sure you place an emphasis on household safety

– Keep the lines of communication open

Written by Editorial Team