Comprehensive solutions for student housing: Protecting property owners and tenants

Christine Horuc-Lake, AVP, Personal & Consumer Line

As the demand for student housing continues to rise, property owners and landlords face unique challenges in managing risk and ensuring the safety of their properties. At Excess Underwriting, we understand the importance of proactive risk management and collaboration between brokers, property owners, and tenants. Let’s explore the various insurance coverage options available for student housing, including Broad form or Named Perils, Sewer Backup coverage, Earthquake and Flood protection and Equipment Breakdown. And highlight the benefits of our package for unrelated tenants residing in the same residence, providing comprehensive coverage for all tenants.

Broad form or Named Perils coverage: When it comes to insuring student housing, property owners have the option to choose between Broad form or Named Perils coverage. Broad form coverage offers protection against a wide range of risks, including fire, theft, vandalism, and certain natural disasters. On the other hand, Named Perils coverage provides coverage only for specific perils listed in the policy. Brokers can work closely with property owners to assess their specific needs and recommend the most suitable coverage option.

Sewer Backup coverage: Sewer backups can cause significant damage to student housing properties, leading to costly repairs and disruptions. Having sewer backup coverage in place is crucial to protect property owners from the financial burden associated with such incidents. This coverage can help cover the costs of cleanup, repairs, and even temporary relocation for affected tenants. Brokers can guide property owners in understanding the extent of coverage and ensuring they have adequate protection against sewer backup incidents.

Earthquake and Flood protection: Depending on the geographical location of the student housing property, the risk of earthquakes and floods may vary. Brokers should assess the property’s vulnerability to these natural disasters and recommend appropriate coverage options. Earthquake insurance provides financial protection against damages caused by seismic activities, while flood insurance safeguards against losses resulting from flooding events. By including these coverages, property owners can mitigate potential risks and protect their investment.

Equipment Breakdown: Student housing properties often rely on various equipment and systems, such as heating, ventilation, and air conditioning (HVAC), electrical systems, and appliances. Equipment breakdown coverage is essential to protect property owners from unexpected failures or malfunctions of these vital systems. This coverage can help cover the costs of repairs or replacements, ensuring minimal disruption to the tenants’ living conditions. Brokers can assist property owners in identifying the equipment that requires coverage and selecting appropriate policy limits.

Package for unrelated tenants: Managing student housing properties with unrelated tenants can be complex. At Excess Underwriting, we offer a comprehensive package specifically designed for unrelated tenants residing in the same residence. This package ensures that all tenants have the appropriate coverage in place, providing peace of mind to both property owners and tenants. Key features of this package include:

• All tenants must be on the same lease: This requirement ensures that all tenants are equally responsible for maintaining the property and adhering to the terms of the lease agreement.
• All tenants on lease listed on one policy as Named Insured: By listing all tenants on a single policy, it simplifies the insurance process and ensures that each tenant has equal coverage.
• Contents limit of $10,000 per tenant: This coverage protects tenants’ personal belongings in case of theft, fire, or other covered perils.
• Liability coverage of $1,000,000 or $2,000,000: This coverage protects both property owners and tenants from potential liability claims arising from accidents or injuries that occur on the premises.

Student housing presents unique insurance challenges for property owners and landlords. By partnering with Excess Underwriting, brokers can provide comprehensive insurance solutions tailored to the specific needs of student housing properties. From Broad form or Named Perils coverage to protection against Sewer Backup, Earthquakes, Floods, and Equipment Breakdowns, our aim is to help property owners and tenants manage risk effectively.

Interested in learning more about our customized Student Housing packages?

Contact us to explore how we can partner with you to provide top-notch coverage for your valued clients: