Student Rental Property Insurance for Landlords

It’s a type of insurance for properties when the properties are rented out to students, typically in post-secondary schools such as universities and colleges. It can also include when the property has more than one unit, where at least one unit is rented to students.

“regular” rental property insurance is typically for single family occupancy or when a property has units occupied by single families, couples or a single individual. Most standard insurance companies that provide “regular” rental property insurance do not provide coverage for properties rented to students. Humberview Insurance has a specific program for landlords that rent to students.

Coverage can include property damage to the main structure, liability protection and additional coverages such as loss of rental income after a covered claim as well as others. The building coverage can be what on a broad form type of policy or for older properties may be on a named perils form. Speak to a qualified insurance professional to learn the difference.

While not legally mandatory, it's highly recommended due to the unique risks involved in renting to students. Your mortgage company will ask for proof of insurance to fund your property. Furthermore, having specific insurance that takes into account your property’s exact occupancy is important. By not disclosing your property’s true occupancy can result in denied claims.

Although, it can typically be more expensive then let’s say a single family occupied property, the price is usually competitive while providing coverage for unique exposure of student housing.

Yes, there are specific insurance companies that will offer student tenants insurance. Its important to mention standard tenants packages may not offer students coverage and its important the tenants disclose their rental situation with roommates. Furthermore, if you are renting to students with parents in Ontario, their parent’s policy may extend liability – you would have to ask them for proof of coverage as well as confirming that liability is extended.

This is a common misconception. Many people on online forums or hear from their friends that by having 1 lease they can avoid having student rental insurance and get “regular” rental property insurance. This is FALSE. The number of leases do not matter for insurance purposes. What matters is the exact and true occupancy of the property.

You need to always disclose to your insurance company the exact occupancy of the property. Always call your insurance company or broker before the occupancy changes. Typically, student rental insurance is for properties rented primarily to students. If the property is occupied by working people, people who have just graduated or a mix of students and others this may require a rooming house insurance policy, which is now different then student rental property insurance. These FAQs provide a basic understanding, but it's important not to rely on this information for your situation. Always speak with a licensed Insurance agent or broker to make informed decisions.

Always speak to an Insurance Broker or licensed professional regarding your situation. If you plan on doing renovations to your student rental – this is a great idea, but it may require a renovation policy while renovating before a student rental policy.

There are a few insurance companies that insure student rentals. Companies such as Lloyds of London which provide coverage typically through intermediaries referred to as MGA’s (managing general agents). As well as some Canadian insurance companies; Humberview Insurance Brokers has a specific student rental insurance program with a Canadian insurance company for properties that qualify.

Vandalism is often excluded from most rental property insurance policies due to its preventable nature. Property owners are generally expected to take measures like checking in on the property to mitigate this risk. Additionally, vandalism, being a frequent and intentional act, poses a high risk for insurers. Unlike unpredictable natural disasters, the intentional damage caused by vandalism is more controllable, leading insurers to exclude it from standard policies.

Our student rental insurers strictly prohibit the sharing of rooms by students. This measure is in place to prevent overcrowding, which can escalate risks and lead to serious consequences during emergencies.