There were 2.86 million students studying at UK universities in 2021/22, according to the latest Government figures. That represents a large swathe of society that relies on the private rental sector for student housing.
Given the nation’s sizeable student population, it’s hardly surprising that nine of the top ten Buy-to-Let investment locations of 2023, revealed by Paragon Bank recently, centred around popular student towns and cities.
However, student properties come with a unique challenge: they remain empty during the summer break. This begs the question, is standard Landlord Insurance enough when your student house sits vacant for months?
Why standard Landlord Insurance might not be enough
One of the many upsides of Landlord Insurance is that most policies provide a slightly more generous level of unoccupied property cover compared to standard homeowner insurance.
Instead of the usual 30 consecutive days of vacancy offered by most homeowner policies, many Landlord Insurance policies typically allow double that figure with a concession of 60 days.
However, the average summer break for university students is 12-14 weeks, according to Postgrad. Depending on how early student tenants depart, that could leave some landlords with vacant periods of between 84 and 98 days.
Therefore, the average student landlord might be underinsured for anywhere between 3-5 weeks of the year. Even policies offering 90 days of unoccupied cover would fail to provide adequate protection for longer summer breaks.
So what’s the answer? The solution is clear: consider investing in Unoccupied House Insurance.
Benefits of Unoccupied House Insurance for student landlords
Unoccupied House Insurance can be an invaluable source of protection in these situations. It bridges the gap in cover during those unoccupied summer months, offering essential peace of mind for student landlords.
Here are just some of the benefits of purchasing this type of insurance through UKinsuranceNET:
- Peace of mind: Get essential cover for key perils like escape of water, theft, vandalism and malicious damage. With this protection in place, you can gain peace of mind that your property is fully covered.
- Experience and expertise: UKinsuranceNET has more than 20 years of experience providing insurance for empty properties, so you can be certain our experts will find the best policy for you.
- Affordable protection: Enjoy competitive rates from a wide range of insurers, thanks to our dedicated brokerage service. We can provide a range of instant quotes to suit your budget and needs.
- Short-term cover: We provide flexible Unoccupied Property Insurance policies spanning 3, 6, 9 or 12 months. So you can arrange a short-term policy that simply covers the summer break.
Who should consider Unoccupied House Insurance?
This type of insurance is a must-have for student landlords who are concerned that their current Landlord Insurance policy doesn’t provide adequate cover during the extended summer break in the UK.
Properties that are left vacant for extended periods are generally at a higher risk of problems, such as vandalism, break-ins and escape of water. Should an issue arise and you don’t have the correct cover, it could prove costly.
Minimise the risks and operate with confidence
Becoming a student landlord is a rewarding pursuit that comes with its own unique challenges. For instance, landlords need to account for a higher turnover of tenants and the associated fair wear and tear that entails.
With plenty to organise already, it’s easy to see how the common shortfall in insurance over the summer months could either be missed or dismissed as an added cost and admin burden that many could simply do without.
However, is it really worth the risk? Could you afford to shoulder the cost if something were to happen to your student property during the summer period of vacancy and your insurer refused to pay out?
If you answered ‘no’, then Unoccupied House Insurance provides a straightforward solution. With this safety net in place, you can go about your landlord duties with the confidence that comes from knowing you’re fully covered.
With convenient 3-month policies available, you can tailor your insurance to suit your needs and budget. Better still, if you’ve bought Landlord Insurance through us, we can adjust your cover to Unoccupied House Insurance and revert it back again when your student tenants return to the property for the start of a new academic year.
Get a quote for Unoccupied House Insurance today
Don’t risk facing a hefty repair bill or lost rental income due to your student property remaining empty for long periods over the summer. Secure your peace of mind with Unoccupied House Insurance from UKinsuranceNET.
We offer a hassle-free quote process and competitive rates from a wide range of insurers to ensure your student rental property is properly protected all year round with the correct student rental house insurance.
With flexible, short-term policies that can be tailored to your needs, it’s never been easier to protect your student rental property. For year-round cover, including unoccupied summer holidays, choose UKinsuranceNET.
Getting a quote is quick and easy. Simply visit our website for an instant quote or speak with one of our experts on 01325 346328 to discuss your needs. Get covered today to protect your student property for tomorrow.
