Maintaining a property you live in is already difficult as-is, however maintaining a student living home is a whole other ball game. You need to maintain an entire other home that is being lived in for a good portion of the year, likely by first-time renters. Don’t worry – you can minimize your risks as a landlord by purchasing landlord insurance. The standard policies student rental landlords need to seek are different from typical landlord or home insurance. We’ve broken down the different types for you below:
Property Coverage Insurance for the Student Resident Landlord
The very first thing you should be concerned about protecting is the physical property itself. You will want to protect your rental home, along with other buildings on your property, like a shed or garage, from the following hazards:
Sewage backup
With so many people in the home, the sewage lines can sometimes break. When this happens, costs can be quite high and damage can be catastrophic.
Fire
Kitchen fires pose a real threat to your rental property and can cost a lot to clean up, even if the damage isn't done to your home’s structure.
Water
Water damage can come from internal or external sources. If not corrected, water-damaged areas can eventually cause mold.
Storm
Violent storms can rip shingles off roofs and leave you footing the bill.
Vandalism
Vandalism may not damage the physical building itself, though it can result in expensive clean-up costs.
Break-ins
Break-ins may mean you have to replace doors or windows to continue to provide a safe space for the students to live.
Not Covered
While lots of damages are covered by property insurance, isure believes in illuminating your weaknesses so you can protect those as well. Damages resulting from the following are not covered with a typical property insurance policy:
While lots of damages are covered by property insurance, isure believes in illuminating your weaknesses so you can protect those as well. Damages resulting from the following are not covered with a typical property insurance policy:
Critters
Foundational damage created by furry critters like mice, squirrels or raccoons is typically not included in the coverage. Speak with an isure broker to find out how you can add critter coverage to a new or existing policy.
Bed bugs
Bed bugs are annoying and can take a while to get rid of, but they are not usually covered by typical insurance policies. Speak with an isure broker about how you can cover bed bug costs.
Liability Coverage Insurance for the Student Resident Landlord
Next thing to be mindful of as a landlord is your liability. Where are you vulnerable to liability claims?
Slip and fall accidents
If your tenants slip and fall on your property due to maintenance negligence, you could be liable for damage costs.
Property damage due to accused negligence
If a tenant's car is damaged by falling debris, you may be liable to pay for the damage fees.
Investing in liability coverage does not mean you are immune to liability cases but rather, it means you can pay for the claims.
Appliance Coverage
In a student rental, heavy use of appliances is inevitable. That's why it’s good to have appliance coverage in case a fridge wears out or the washing machine breaks.
Loss of Income
When rent can’t be paid, you are going to lose some of your income. When you have loss of income insurance and your tenants for any reason are unable to live in the unit (fire damage, etc.), their rent will be covered by loss of income insurance.
Seasonal Occupancy
Insuring a home that is not lived in year-round can be a challenge. Because the home is vacant for a few months, it may take longer to discover certain damages and some insurance companies may be hesitant. But not isure! Our brokers are experts when it comes to insuring high-risk clients!
Liability Coverage
Next thing to be mindful of as a landlord is your liability. Where are you vulnerable to liability claims?
Slip and fall accidents
If your tenants slip and fall on your property due to maintenance negligence, you could be liable for damage costs.
Property damage due to accused negligence
If a tenant's car is damaged by falling debris, you may be liable to pay for the damage fees.
Investing in liability coverage does not mean you are immune to liability cases but rather, it means you can pay for the claims.
Appliance Coverage
In a student rental, heavy use of appliances is inevitable. That's why it’s good to have appliance coverage in case a fridge wears out or the washing machine breaks.
Loss of Income
When rent can’t be paid, you are going to lose some of your income. When you have loss of income insurance and your tenants for any reason are unable to live in the unit (fire damage, etc.), their rent will be covered by loss of income insurance.
Seasonal Occupancy
Insuring a home that is not lived in year-round can be a challenge. Because the home is vacant for a few months, it may take longer to discover certain damages and some insurance companies may be hesitant. But not isure! Our brokers are experts when it comes to insuring high-risk clients!