Freshers’ Week warning about Landlords Insurance
Insurance is key
September marks the influx of student tenants in rented accommodation up and down the country. If you have properties housing students – make sure you have the correct insurance in place ahead of move-in dates.
It goes without saying that although renting to students can be financially rewarding, it can come with problems and they regularly get the ‘bad tenants’ label, known for being untidy and higher risk compared to professional tenants.
In the majority of cases there are no problems when letting to students.
However, insurance can protect both you and your property if you’re one of the unlucky few to have a bad tenant in your property. As well as getting landlords insurance, Legal 4 Landlords also recommends you have rent guarantee insurance in place to ensure you get all the rent rightfully owed to you should any problems occur. Remember not all standard policies will over things like unpaid rent, so check.
As well as taking out insurance, make sure you take photography of the property before your tenants move in and draw up a list of all fittings and fixtures. Get your tenant to sign this.
Another important area is liability claims by the tenant, for example if they injure themselves in the property. Your policy needs to include property owners liability, so check.
Our Landlords Insurance covers against risks associated with letting your property to student tenants:
• Buildings and Contents Insurance
• Loss of rent up to 20% of the insured amount following an insured event
• Both Public and Employers Liability cover
• Malicious damage by the tenant covered as standard
• Accidental damage options available
It is essential you tell your insurer if you let to students. If there is a claim and you have not disclosed this, your insurer is legitimately entitled to repudiate a claim.
For the majority of students, this is the first time they have had household responsibilities so when you hand over the keys, stress the importance of household safety and making sure all windows and doors are locked when the property is left. It sounds like common sense, but you’d be surprised!
