Students – like anyone else – need somewhere to live, but, generally speaking, they do not have a great deal of money.
There are also lots of them – estimates vary, but the total is generally reported to be approximately 2.5 million.
That makes the UK’s student population a rich vein to tap if you are a buy to let landlord of either self-contained or so-called Houses in Multiple Occupation (HMOs).
An important consideration, if you own such accommodation, however, is student landlord insurance.
Just as the name suggests landlord insurance for student tenants is specifically designed to provide the cover you need if you generally let your accommodation to students.
Clearly a specialist form of insurance, it recognises that having students as your tenants may bring particular risks to your property and your business as a landlord, compared to tenants from other walks of life.
Insurance is all about risk and the fact is that many insurers consider students to represent a greater risk to the property they rent. The stereotype of students who do not need to work regular hours, have little money to spend, are generally young and proceed from one party to the next, may not be so far from the truth.
In the view of many insurers, therefore, students tend to present a greater risk to the landlord’s property being damaged than, say, professional couples who are earning a regular salary, are out at work for most of the day, and may lead a quieter social life.
For that reason, some insurance policies specifically exclude cover if the tenants are students (or other groups perceived to be of higher risk, such as benefits claimants or asylum seekers).
A further reason for the reluctance of many insurers to offer this type of landlords’ student insurance is because of the nature of the accommodation which many might be renting. These are so-called Houses in Multiple Occupation (HMOs), where two or more separate student units share common facilities such as bath and toilet or a kitchen.
Legislation recognises the additional risks to which this kind of let property may be exposed and, for that reason, places additional obligations and responsibilities on landlords to help make the accommodation safer.
Here at UKinsuranceNET, we recognise all of these concerns but also understand that landlords who want to target this particular sector of the rental market also need the insurance cover that is going to protect both their property and their buy to let business.
Our specialist landlord insurance for student tenants, therefore, provides all the safeguards you need as a landlord against:
With more than 16 years in the business of arranging landlord insurance for every type of property and every type of tenant, we have established a reputation as one of the leading brokers of insurance for let property.
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