You are careful about choosing the right tenants, just like we are careful about finding the most comprehensive plan to protect your investment property. With the right student rental coverage, you are protected against liability accidents, water damage, rental income loss, your contents, and more.
An investment property is a lucrative opportunity. However, this investment does not come without its risks, especially from younger tenants with shorter rental terms. The world of student rentals can become complex between handling legalities and dealing with tenant issues. Don’t let insurance be another one of your worries. Here are some key ideas to keep in mind when considering a student rental investment:
Like a landlord’s policy, a Student Rental policy would cover your investment against common perils like fire, theft, vandalism, hail and more. Additionally the Student Rental policy includes a rental income coverage that reimburses you for lost rental income in the event that your tenants have to vacate the premises due to an insured loss. A Student Rental policy is specially tailored towards the risks that such investments pose, so it is important to speak with your broker about the coverages and options available to you.
A Student Rental policy is like a landlord’s policy: it covers the structural aspect of your building along with the premises liability. A Student Rental policy also includes rental income coverage. Apart from this, here are some specific coverage highlights that may be offered by different carriers:
As with a homeowner’s and landlord’s policy, the premium of a Student Rental policy can be affected by the details of the dwelling (eg. age, construction material, updates to plumbing/heating/roofing/electricity, square footage, number of bedrooms, etc.), your prior insurance and claims history, and the coverages chosen.
Just like the guideline for a landlord’s policy, a greater number of tenants and a shorter lease duration can result in higher premiums. However, it is important to speak with a broker and discuss your requirements to seek coverage that effectively covers your exposure.
Our team of experts at Insurepedia can help you in setting up a policy that is best suited to your needs. Our team has experience in hard-to-place properties; we work with leading insurance companies that offer cutting-edge products adapting to the changing renters marketplace. A student rental investment can be a big decision, don’t let insurance be a roadblock in the way. Feel free to call the Insurepedia team to discuss your needs!