What does landlord insurance for students cover?
If your property were to become uninhabitable due to fire, flood or another insured peril, it could take time to complete the repairs. The rent you receive from your student tenant(s) could also cease due to the incident. You can choose a student landlord insurance policy that includes loss of rent for these circumstances. Indemnity periods can be tailored up to three years from the date when the loss occurred. Many policies can also cover the costs of alternative accommodation for your tenants during this time.
Unoccupied buildings pose a increased risk of claims for escape of water, flood, theft and malicious damage. The majority of policies will specify a maximum period of unoccupancy, commonly up to 30 days, after which cover restrictions and inspection requirements will apply. Properties occupied by students, may be left vacant outside of term time. This is particularly relevant as in summer periods this could extend beyond the 30 days. Make sure you speak with your student landlord insurance provider to clarify the cover provided and/or available to you in these circumstances.
Malicious acts cover, is featured on Towergate’s standard property insurance and is available online. Commonly, malicious damage when caused by members of the public, is covered by the majority of landlord policies available. However, frequently landlords ask us for malicious damage to the building caused by their tenants. If this is important to you, we recommend you call us for a tailored quotation.
Whoever you rent to, accidents can happen. Putting a nail through a pipe or spilling wine on the carpet, are just some examples where accidental damage cover could be applicable to help you pay for necessary repairs to your property. Accidental damage, as with any other insurance, does not cover wear and tear.
When you need to make a claim, we’ll guide you through the process and help get your claim settled as quickly as possible.
Generally, claims are ultimately settled by the insurer who administrates your policy. However, we will always be here to answer any questions you may have and help explain anything you may find to be complicated.
All you need to do to get the ball rolling is email us with; your policy number, a phone number to reach you on, details of your claim and photos where possible and relevant.
The claims team are available Mon - Thu 8:30am - 6.00pm, Fri - 8:30am - 5.30pm
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Landlord insurance when you rent to students is not necessarily different from a typical landlord insurance policy. Not all insurers are able to cover students but a specialist insurance provider like Towergate, will go to a panel of insurers on your behalf to find cover based on your specific needs. So if you rent to students, just let us know what you need to cover and we’ll help find student let insurance to fit.
We've all been young and our attitude to risk can vary considerably. Whilst we can't stereotype all students as being the same, it's generally accepted that they can pose a greater risk in the eyes of an insurer.
First and foremost, you need to inform your insurance provider as the continued availability of cover will vary according to circumstances and particularly the period of unoccupancy. Typically, policies will continue to provide full cover for up to a maximum period of 30 days. Thereafter, cover is likely to be restricted to fire, lightning, explosion and aircraft cover (FLEA see below) and you will also be asked to take various measures to prevent loss or damage to the property, such as an inspection of the property at least every 7 days by a competent person which has been recorded as completed. All mains services will need to be turned off at the mains and water pipes and heating systems must be drained.
When an insurer agrees to provide cover for a vacant or unoccupied property, they will usually restrict it to Fire, Lightning, Earthquake and Aircraft after 30 days of full cover. This is commonly abbreviated by the insurance community and is know as. By doing this, cover for a range of perils such as storm, flood, escape of water, impact, theft, malicious damage will be excluded.
If you want to know more about our monthly payment option, please read our dedicated page on Direct Debit.
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