STUDENT LANDLORD INSURANCE


Students returning to rented university accommodation this month are likely to increase the demand for landlord’s insurance this month, say experts.

Insurance price comparison websites will greatly benefit as landlords catering to student accommodation prepare for their properties to be rented out.

Under-insuring student lodgings can be a costly mistake for landlords, who are urged to speak to a specialist landlord insurer before taking out policies.


Andrew Stocks, Director at Compare the Market said: ‘Landlords who are renting properties to students may find that landlords insurance is an important consideration.

‘It's worth taking the time to find the right policy to suit your individual needs.’

A property is a valuable asset for all landlords, so is essential that it is fully protected with insurance to guarantee a consistent return on investment.

Most landlords’ insurance policies will protect against damage to the let-property by flooding, fire, subsidence and burst pipes.

A variety of landlord insurance policies will also cover potentially expensive aspects of renting out flats and houses, including buildings cover, loss of rent and accidental damage cover.

When considering which insurer to use, it’s vital to look at the overall policy and not only the preliminary cost, as excesses will vary and affect the premium price.

The Financial Services Authority now regulates landlord insurance policies, so landlords are now issued with a Key Facts document before signing up for a plan.

This regulation is designed to make life easier for the landlord and to make clear exactly what is being offered and compare the facts on what is included in the same accessible way.

Always ensure that your landlord insurance provider is approved by checking the FSA Register. www.fsa.gov.uk.

Always be truthful when applying for insurance cover, as failing to do so could invalidate your claim and cost you money.

Non-compliance is a criminal offence and will invalidate your insurance policy; strong penalties could be imposed, alongside manslaughter charges for deaths.

As a landlord, you have a duty of care to your tenants. Failing to employ professional tradesmen to install, repair and inspect gas elements such as boilers can put lives in danger.

If you are concerned about the condition of your rented accommodation visit the Citizens Advice Bureau website for help and legal advice on addressing related issues - www.adviceguide.co.uk.



Buy to Let News
Buy To Let Landlords Plan to expand - A survey of landlords carried out by a Buy To Let Property...