You find yourself owning a property in a town or city with a university or college nearby - what better way to earn some extra cash from that investment than by renting it out to students?
Students have a very different home shopping list than older generations, however. Generation X students are often looking for modern accommodation within walking distance to their place of study, with great WiFi, high end facilities and the ability to house a few people.
A look around any university city will show you that the quality of accommodation students expect is vastly different from decades ago.
Long gone are the days of the ‘Young Ones’, when students left rubbish all over their living spaces and bathrooms came with a health warning. Students today are much more discerning about their accommodation - with chill out spaces, communal kitchens and state of the art tech the norm at most new halls of residence.
Home insurance is unsuitable
Which is why normal home insurance simply won’t suffice for a student let, and only specific student landlord insurance at a property housing multiple occupants will do.
Student landlord insurance can protect you as a landlord from damage to the building, as well as loss of rental outside of term time if you aren’t able to let it for those short periods.
Offering student specific landlord insurance to your student tenants also gives them peace of mind, as well as you, in knowing that should something go awry with the house it will be covered, and neither you and your tenants will be out of pocket as a result.
When buying insurance for a student let the option to add on legal expense cover also means that, should you have to take your student tenants to court for non-payment of rent, you will be covered too.
Additional cover for malicious damage can also be added to student landlord insurance, particularly if you are a landlord who lives miles away from their property and isn’t able to keep a close eye on it, for example, to cover a property should someone vandalise your house or flat in your absence.
Either way, taking out student specific landlord insurance will protect your investment, your tenants and protect your pocket - and ensure that you are properly protected for a student let in any event.