With the start of the new academic year, many parts of Britain are preparing for a flood of students searching for accommodation. Renting to students offers an attractive option for many landlords, but insurance company Swinton Commercial has warned that, in their rush to participate in this lucrative market, many landlords are failing to secure adequate protection for their properties.
As Swinton and other major insurance companies have pointed out, while in many ways students represent excellent tenants, there are also issues related to age and exuberance that can lead to accidental damages, making them riskier tenants and creating higher premiums. This means standard landlord insurance may not be enough to cover the owners of these properties.
Among the additional cover they have advised landlords to look into, there is rent guarantee cover, which protects against the problems caused by unpaid rent, legal protection, and Landlord Emergency cover, which provides insurance against on-site issues such as problems with plumbing systems and boilers. Covering all of the legal, insurance and financial bases fully is a challenging prospect, especially for landlords with student properties spread across the UK; meaning that utilising national accountants and legal services may be the best way of simplifying matters.
Insurance companies are also advising landlords to take pre-emptive practical action, such as photographing all of the rooms in the property and taking a full inventory of the contents before giving a copy of this to the student tenants, as well as ensuring students are aware of their responsibilities under their tenancy agreement.