When you need student landlord insurance, allow eLandlordInsurance.co.uk help you. When you have a student under your tenancy there are certain rules you need to follow and rules students need to follow. Your insurance policy is there to protect them and it's also there to protect your liability if anything goes wrong when you are renting to a student.
This cover keeps you right in court for any liability action is taken against you or a student claims you for being negligent as a landlord, which I'm sure you're not going to be but that's why you're going to purchase an insurance policy for this reason.
Students can represent a lot of risks because of the fact that they are young and irresponsible in some ways but nevertheless, they are the best kind of tenant a landlord can wish for because most of them are long term and if you get a student with a guarantor it makes half the battle. If the student doesn't have a guarantor this can be riskier than a student with one because their rent payments could stop at any moment and where does this leave you, no rent coming in, a mortgage to pay and morning spouse.
So it's better to find students with a guarantor like their mother or father so they can pay the rent if anything goes wrong. Of course, you can pay for a rent guarantee insurance policy but a rent guarantee insurance policy is not a straightforward process because you need to be a member a government regulated tenancy deposit scheme and you need to check your own tenant from an authorised tenant referencing service.
All of this costs money and is up to you whether or not you want to pay for this and like I said, the best way to go forward is to get a guarantor for each student. If you can't find a guarantor for every student don't worry about it as long as you have 1 of 2 and a good way of making sure your rent comes on would be to make sure their friends because they could help each other financially.
This is a business decision that is totally up to you, if you have a good feeling about the student and your gut feels right why don't you go for it because students are really trustworthy people, (most of them) all they want is a roof over their head while they are studying and that's exactly what you're doing for them, they’re happy, you're happy.
Students can certainly make a mess and destroy things especially when they're having parties at the weekend, you can stop them, boys will be boys and girls will be girls. Having a contents insurance policy prevent your furniture from getting damaged, well it wouldn't prevent your furniture from getting damaged but I will pay for the cost of the damages if you claim your insurance policy.
If you rent out an unfurnished property you can forget contents insurance if you like, but if you want to cover all your fixtures and fittings it is advisable you take out contents insurance policy out. The best way to protect yourself against students would be to take contents and buildings insurance out together, so let's have a look at buildings insurance.
Buildings insurance is a must have for all landlords, it doesn't matter if you have students or a professional person living in your property, you need buildings insurance because this will protect your building from structural damage. If your building happens to be falling apart when you take the policy out your policy will be void.
However, if you pay for your policy for 20 years and the building starts to crack the insurance company will pay for the damage because it wasn't there at the time you took the policy out, it works a bit like life insurance, when you're fit and healthy your insurance will be really cheap but if you have a terminal disease when you go for your life insurance policy obviously it will not be granted.
If you're a buy to let businessperson it is advised you take out rent guarantee insurance for every one of your properties when you have students living in your properties. That’s where a guarantor comes into it, if the student fails to pay his or her rent a guarantor will take over and if the guarantor fails to pay the rent your insurance company will pay your mortgage payments because you have rent guarantee insurance in place, but remember there are conditions to rent guarantee policy like I said above. If you have several mortgages it is very advisable you take this cover out and check more into it when you take out your policy.
If you have multiple properties, like I said, a good piece of advice would be to take out emergency repair assistance because the last thing you want is a boiler breaking down or a central heating system breaking down in the middle of winter. If a property has been broken into and you have damaged locks or windows the insurance company will arrange a tradesman to come out and sort all this for you without you even lift a finger.
Like I said, this is an ideal solution for a buy to let mortgage holders or a business landlord that has multiple properties, and of course, you don't want unhappy students because they can be your bread and butter of your empire.
You do need landlord liability insurance and I would highly recommend it because this will cover you if anything happens to any students while they are living in your properties, if any student dies or they have an accident the insurance company will pay for all legal cost and make sure you're legally protected because you don't want to go prison because you didn't have legal protection, you could be in serious trouble without this landlord liability insurance.
Remember to maintain your properties at all times without spending too much money obviously, but make sure your essentials are in place and if you have this kind of insurance and place you should be fine. Your student landlord insurance will pay up to the value of £5 million pounds with some policies but you could ask for more depending on how many tenants you have listed under your tenancy agreements.
You can find great information about students and renting advice from NUS.
Whatever property you have you can get it insured, if you have a bed set or a flat, house, bungalow or even a holiday home, you can find landlord insurance for it. You can cover each property with contents and buildings insurance as this is the most important policy for tenants and the actual building that any landlord can buy for the rented property.
Like I said in this article students can be a bit of a nightmare so here's some tip's that will help you to become a better landlord and help you to take care of your property better too.
Landlord tips for student lets
It’s a good idea to visit your property once a week so you can check in on the students and find out if anything needs to be done. If anything, make sure your students are happy in their new home, and remember to keep your inspection records up to date just in case you get any visits from government agencies.
Make sure all your gas and electricity regulations are up to date, this is a very important issue that landlords must be on the ball with, important stuff must be done especially if you have young people living in your property. How could you live with yourself if something happened and you don't have the records up to date or you failed to get a gas inspection done on time?
Make sure your tenants know about emergency repair procedures or when things go wrong because they can sort all this out by their self's without even contacting you, this will save you a lot of hassle down the line if you prepare a little handbook with all the relevant contact numbers and company names listed.
All this really helps the tenant to stay ahead of the game and it saves you the hassle getting involved in things you don't really need to get involved in, at the end of the day you're paying for insurance to keep the house in order and safe from disaster, stay ahead of the game, keep your affairs in order and you'll aways have a letting business to be proud of.
I hope you found my article very helpful and useful, you can bookmark it or link up to it on Facebook or Twitter and of course get help finding a decent student landlord insurance policy by using our comparison tools for free, over 500 landlords use it every single month so I don't see why you can't use it right now too, 500 landlords use it every single month so I don't see why you can't use it right now too, get a quote.