The weeks leading up to the start of a new university term are often the busiest time of year for student landlords. Existing tenants move out, new tenants move in, and there is usually plenty to do before the property is ready for another academic year.
It is easy to focus on cleaning, decorating and collecting the first month’s rent. However, taking the time to check that your property, paperwork and insurance are all in order can save you significant time and expense later on.
At Ashburnham Insurance, we understand the unique challenges that come with letting property to students. Student rentals often experience higher tenant turnover and increased wear and tear. A little preparation before handing over the keys can help protect your investment throughout the year.
Make Sure Your Insurance Is Suitable
One of the first things to check is that your insurance reflects how the property is being used.
Many landlords assume a standard landlord insurance policy will cover every type of tenancy. This is not always the case. Student lets can present different risks, particularly in Houses in Multiple Occupation (HMOs), where several unrelated tenants share one property.
If your insurer is not aware that the property is occupied by students, you could find that certain claims are not covered. Before the tenancy begins, review your policy and make sure it provides the protection you need. Depending on your property, this may include buildings insurance, contents cover, accidental damage, property owners’ liability and loss of rental income following an insured event.
Checking your policy now is much easier than discovering gaps in your cover after something has gone wrong.
Carry Out a Thorough Property Inspection
Before your new tenants arrive, walk through the property as though you were seeing it for the first time. Look for signs of damage that may have been missed after the previous tenancy. Check walls, flooring, furniture, doors, windows and appliances. Test taps, lights and heating systems to make sure everything is working properly.
This is also a good opportunity to deal with small maintenance issues before they become larger and more expensive repairs. A well-maintained property creates a positive first impression and encourages tenants to look after their new home.
Prepare a Detailed Inventory
A comprehensive inventory is one of the most valuable documents a landlord can have. Take clear photographs of every room before tenants move in. Record the condition of furniture, flooring, appliances and decorative finishes. If the property is furnished, list every item that belongs to the property.
A signed inventory gives both landlord and tenant a clear record of the property’s condition at the start of the tenancy. If damage occurs during the year, it becomes much easier to establish what has changed. Without accurate records, resolving disputes can become much more difficult.
Check Fire and Safety Requirements
Student properties must meet important safety standards before tenants move in. Smoke alarms should be tested and working correctly. Carbon monoxide alarms should be fitted where required. Gas appliances should have an up-to-date Gas Safety Certificate, and electrical installations should be inspected in accordance with current regulations.
Fire doors, escape routes and emergency lighting may also need attention, particularly in larger HMOs. Keeping on top of these responsibilities helps protect your tenants and reduces the likelihood of serious incidents.
Secure the Property
Student properties can sometimes be targeted because they are known to contain laptops, phones and other valuable electronics.
Before handing over the keys, check that external doors lock properly and that all windows are secure. If the property has an alarm system, ensure it is working correctly and provide tenants with clear instructions on how to use it.
Simple security measures can reduce the risk of theft and may also help support an insurance claim if an incident does occur.
Explain Tenant Responsibilities
Good communication at the start of the tenancy often prevents problems later. Take time to explain how the heating, boiler and appliances work. Show tenants where the stopcock, fuse box and utility meters are located. Provide guidance on waste collection, recycling and reporting maintenance issues.
It is also worth explaining what is expected in terms of caring for the property. Many student tenants are renting for the first time. They may simply not know what their responsibilities are. A clear handover helps establish positive expectations from day one.
Keep Important Documents Together
Having the correct paperwork ready before move-in day helps everything run smoothly. Your tenancy agreement, inventory, certificates and emergency contact details should all be organised and easy to access.
Providing tenants with useful information from the start demonstrates professionalism and makes it easier to deal with any issues that arise during the tenancy. Keeping your own records organised is equally important if you ever need to make an insurance claim.
Think About Accidental Damage
Even responsible tenants can accidentally cause damage. A dropped laptop may crack a kitchen worktop. Furniture may be scratched during move-in. Spilt drinks can stain carpets, and everyday living naturally causes wear to a property.
While deposits may cover some minor issues, more significant damage can become expensive to repair.
This is why many landlords choose insurance that includes accidental damage cover. It provides an extra level of protection when unexpected incidents happen during a tenancy.
Be Prepared for the Unexpected
No landlord expects problems at the beginning of a new academic year, but unexpected events can happen at any time.
Burst pipes, storm damage, fire or escape of water could leave your property temporarily uninhabitable. If this happens during term time, cancelled tenancies and lost rental income can quickly become an additional concern.
Having suitable landlord insurance in place provides valuable financial protection when events are outside your control. It can also give you access to support throughout the claims process, allowing you to focus on getting your property back up and running as quickly as possible.
Don’t Overlook Your Insurance Cover
Preparing a student property involves much more than cleaning the rooms and handing over the keys. Taking the time to review your insurance, inspect the property, complete a detailed inventory and check that all safety requirements have been met can help prevent problems throughout the academic year.
At Ashburnham Insurance, we understand that every student rental is different. Whether you own a single student house or manage a portfolio of properties, having the right Student Landlord Insurance in place helps protect both your investment and your income.
Before your next group of students moves in, make sure you’ve done more than prepare the property. Make sure you’ve prepared for the unexpected too.