Student Landlord Insurance

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What is student landlord insurance?

Student Landlord Insurance is a specific type of cover for landlords letting their property to students. Standard home insurance doesn’t cover you if you then let the property to tenants, unless you also live in the property. This means you’ll need to purchase landlord insurance. It’s not a legal requirement, however, most lenders of buy-to-let mortgages will need to see proof of landlord insurance before you can welcome in new tenants.

Student lets vary from standard rentals in that they tend to be much shorter tenancies. Plus, students are typically considered higher risk by insurers. Opting for specific student landlord insurance ensures you’re protected in the event something goes wrong. Whether it’s a burst pipe, graffiti on the walls or a broken sofa, a student’s deposit won’t always cover the cost of repairs needed. That’s where student landlord insurance comes in, covering the costs for you, and helping get the property ready to re-let as soon as possible.

What does student landlord insurance cover?

The good thing about student landlord insurance is that, as a more specific cover, it allows you to tailor the policy to your property and your needs. Below, we’ve listed items and events that are typically covered in student landlord insurance, however, with some providers they’ll come as standard, while with others they may be additional. That’s why comparing quotes is key to finding a great deal.

Buildings Cover

Buildings cover is the most standard form of insurance for student landlords. It protects the property itself, covering the costs to repair or replace the building itself following an insured event. Generally, fixed white goods, boilers, sanitary ware and floorings (not rugs) are covered under buildings cover, alongside the walls, roof, ceilings and stairs.

Typically covered events can include:

  • Fire and smoke
  • Flood
  • Theft, vandalism or malicious damage
  • Leaks, including burst pipes
  • Lighting, storm, earthquake
  • Subsidence, heave or landslip
  • Impact from vehicles, trees, animals, aircraft, aerials and masts

Contents Cover

This type of insurance covers the items you own within the property that don’t fall under the building itself. Note, it doesn’t cover your tenants’ items – they’ll need to purchase their own contents insurance to protect their own items.

Your contents insurance will generally cover furniture (sofas, tables, beds, wardrobes etc), white goods, curtains and blinds. If you include it in the property, crockery and smaller items should also be covered.

Contents cover protects your items from:

  • Accidental damage
  • Fire and smoke
  • Leaks
  • Theft, vandalism or malicious damage
  • Pet cover

Portfolio Insurance

A specific type of insurance for landlords with multiple properties they let out to tenants, student or otherwise. It provides cover for buildings and contents across all your properties. It can be a bit tricky to set up, and is best done over the phone so you can amend the details for each property. However, it can be convenient and cost-effective, as many insurers offer discounts for multiple properties. It also allows you to insure blocks of flats under one policy, saving you admin time at renewal date.

Rent guarantee

Whether it’s from delays to student loans or unexpected money hiccups, sometimes students can fall into arrears with their rental payments. Rent guarantee insurance covers your income for unplanned breaks in rent payments. This can be really helpful if you rely on the rental income for living or to pay a mortgage.

Emergency cover

24/7 cover that protects against loss of essential services, such as a broken boiler or smashed windows. This is particularly helpful if you don’t live around the corner from your rental property. If something happens in the middle of the night, how soon could you be there?

This covers the cost of legal disputes in relation to rent arrears, repossession and eviction, in the unlikely outcome that something goes wrong with the tenancy.

Landlord liability

Similar to public liability, landlord liability protects you in the event your tenants are injured or their possessions damaged in the property due to the building or your contents. This could be from a fridge falling over or your washing machine pipe bursting. Note, this cover is only for your property and goods, ie. the students’ own washing machine or fridge causing the damage would not be covered.

Loss of rent & alternative accommodation

If the worst happens and your property becomes uninhabitable due to fire, flood or an emergency, loss of rent and alternative accommodation cover can really help. They’ll ensure you still get paid the rent, and your tenants have somewhere safe to sleep temporarily while the property is made habitable again.

Theft, malicious damage, vandalism

If the contract goes sour and your student tenants purposefully damage the property or contents, this type of policy will ensure you’re still covered. It can also cover vandalism and damage done by the public too.

How much does student landlord insurance cost?

Unfortunately, due to young age, lack of previous renting experience and short-term contracts, student tenants are often considered high risk, from an insurance perspective. Plus, students do come with a reputation of house parties, overgrown gardens and piles of washing up! All this means that you can expect a student landlord insurance policy to be pricier than a standard landlord insurance policy. That said, buying the right policy will ensure you’re covered no matter what happens.

Every policy will vary in price depending on your property, your claim history, location, the provider, and the items you’d like to be covered for. The best way, in our eyes at least, to find a cheap student landlord insurance policy is to compare quotes online. Our handy online tool makes it easy – in a few clicks you can compare quotes for free, and with no obligation.

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Written By Michael Foote, Insurance and Finance Expert

Michael Foote is the founder of Quote Goat and has over 13 years experience working in the finance, insurance and currency sectors. Since launching Quote Goat he has appeared on TV as well as many of the largest online publications including Forbes, The Telegraph and The Metro. Prior to Quote Goat, he worked in finance in the city for a number of firms including HSBC.