Off-Campus Student Housing Insurance

Off-campus student housing can be a lucrative investment, but it does not bear the same risks as other types of rental properties. For this reason, you will want to obtain specialized off-campus student housing insurance that offers appropriate protection. And because many areas have rules and regulations that apply to student housing properties, it is important to work with insurance professionals and carriers who understand this particular market segment.

Property and liability insurance for your student housing building

Off-campus student housing properties come in all shapes and sizes, including single-family dwellings, multi-family dwellings, apartment buildings, garden-style complexes, boarding houses, and more. Regardless, start by obtaining commercial property and general liability insurance policies. Property insurance protects your building and some of its contents, such as appliances and furniture that you provide. Conversely, liability insurance offers protection in the event you are held liable for bodily injury or damage to the property of others.

Protect your investment property like the business it is

What would happen if you couldn't rent out one or more of your units? Your investment property is your livelihood and you need to protect yourself in the event you could not collect income from your property. Business interruption insurance can help replace lost revenue if you are unable to rent a unit due to a covered loss. Additionally, another coverage to consider is equipment breakdown. This helps to cover the cost of the repair or replacement of expensive equipment, such as HVAC systems.

Protect yourself against lawsuits

There's always a risk you could be accused of discrimination, harassment, or other allegations of wrongdoing. For example, tenants and vendors alike could file suit and regardless of merit, you will still need to defend yourself against such claims. Defense costs add up quickly and if you are held liable for damages, your finances could suffer greatly. Therefore, consider employment practice liability insurance to help cover these costs. An EPLI policy can also offer coverage if your sued by an employee for discrimination, harassment, improper employment practices, or retaliation.

There are more coverages to consider

Cyber liability insurance is an important coverage that can protect you financially in the event of a data breach. An umbrella policy can provide additional insurance above your standard policy limits, which is beneficial in cases of severe bodily injury or property damage. Depending on where your building is located, you may want to consider earthquake, hurricane, or other natural disaster insurance policies. And regardless of where you are, your building is still at risk for flood, which is typically not included in standard property insurance policies.

Do you own off-campus student housing property? Reach out to our team when you are ready to review options. to discuss your insurance options.

Request an off-campus student housing quote to get started.