Student Housing Rental Insurance
Every year thousands of students move out to attend universities and colleges in different provinces. As a result, on-campus student housing is quickly filled up, and many students see themselves in the necessity to look for alternative housing near campus. In this way, the demand for private student housing is increasing and with it the number of people providing it.
Student housing usually works as short-term rentals but with more special necessities as these properties are rented to first-time, inexperienced renters. Therefore, whether you rent a group of students an entire property or rent different rooms to each student, you will want to ensure you have the proper protection against any misfortunes.
Young first-time renters can pose a significant risk to your property, for which specialized insurance that covers your rentals needs can be arranged. Some student housing insurances can be arranged to cover particular needs such as premises liability of up to five million, content coverage, replacement cost for the building (for certain qualified risks), vandalism, and other coverages for risk associated with your unique situation. Risks might vary depending on each renting situation, so you will want to consult with the right insurance provider about the best coverages for private student housing. It also depends on the length of the rent- is it long term or short term because that will affect the risks you may be facing.
If you are looking to rent instead of lending- this type of insurance will be best covered underneath tenant insurance because for many students rent is more affordable to them. Having this insurance means that your personal belongings will be protected in cases such as break-ins or accidents caused by another person. So if you’re renting this is something to consider because long term or short term you should have coverage that suits you and protects you without any worries.
To learn more about the coverages that might be helpful for you to prepare for student housing rents, get an insurance quote below. Or if you’re someone who is interested in our services navigate through our website for more!