For landlords who rent to students, September is a busy time.
You have to ensure the flats or houses are up to code, meet guidelines, and in Wales, landlords have to comply with the Rent Smart Wales rules.
That means you have to be registered as landlords, and you or your property managers have to be licensed as an agent.
You can find out more about the Rent Smart Wales rules here.
However, any landlords renting to students should also review their insurance arrangements at the start of every academic year.
Why? The reason is simple – new products come onto the market which offer landlords more protection or better value for money.
It’s time to contact your independent insurance broker…
Here are 5 vital areas every landlord renting to students should insure
- Loss of rent – One of the biggest worries for any landlord, having tenants who cannot or will not pay the rent can be a nightmare. Your landlord’s insurance must cover this with a rent guarantee to ensure you’re not out of pocket.
- Property owner’s liability – Every owner needs insurance which covers them if a member of the public is injured while visiting their property, or in an incident which is linked to the property, or if their property damages someone else’s. For example, roof tiles falling off onto a car and causing damage.
- Legal cover – Having to take a tenant to court for loss of rent or because they have damaged your property, or covering legal costs arising because of something they have done which impacts someone else, can be costly. Getting that covered by your insurance gives you peace of mind.
- Damage by tenants – Another huge worry for landlords. Many have heard stories about tenants who have trashed properties, and some have faced this first hand. So, ensure you’re covered adequately for this. Talk to your independent broker about the items in your property and how much they would cost to replace. If there are features such as fireplaces or hard wood doors, electrical items such as showers or expensive light fittings, or flooring which would be costly to replace, tell your broker. The more detail they have, the more accurate your cover will be. A full inventory of your property is hugely useful if something goes wrong.
- Home emergency recovery – Getting a plumber, electrician, or heating engineer out quickly can help prevent more damage to your property. It can also help you keep good tenants.
Why choose an independent broker, such as Severn Bay Corporate Solutions?
- We’re not tied to specific financial institutions or companies, so we can find the best deal for you
- We have access to the whole of the market, including new insurance products
- We have years of experience, particularly in dealing with landlord’s insurance, properties in multiple occupation, and the private rental sector
Need advice? Our Severn Bay team of landlord insurance specialists is here to guide you on the right products to ensure you’re protected. For more information please contact us on 029 2047 0375.