With the start of a school year just around the corner, many property owners are getting ready for new students to move into their housing properties. If you're a student housing property owner, it's a great time to consider getting or updating your student housing insurance (if you haven't already!). Student housing or student rental insurance is a liability and property insurance policy. Insurance brokers specially design policies to accommodate landlords' unique needs when renting to students.
Student housing insurance covers landlords from various types of property damage, including fire, water damage, windstorm and more. This type of insurance also protects your possessions from any lawsuits that may result from ownership of a student rental property.
Key Insurance Questions for Student Housing Owners
Here we outline questions student housing owners should ask themselves when considering insurance.
What type of building is it?
Did you know? Student housing insurance in Canada depends on the type of building you own. These include:
- Single-family homes
- Multi-family homes
- Apartment buildings and complexes
- Dormitories
- Boarding houses
Additional factors that define your coverage include the condition of the building, whether there's regimented maintenance, the renting procedures, and whether the property has a security system in place.
What am I looking to cover?
In most cases, student housing insurance policies provide comprehensive coverage. Your coverage will include:
- The building
- Owner content (i.e., appliances, furniture, supplies, etc.)
- Owners liability for bodily injury or property damage to others
- And more
For details on insurance coverage, consider an insurance broker, like NFP, to review essential information about what's included and omitted from the insurance policy. Shopping for the right policy can get overwhelming and confusing but having NFP specialists by your side can produce fruitful results and help you save time shopping for the right insurance policy.