Investor · Aliquippa, PA · Member since 2013 · 28 posts · 1 vote
Have a SF rental in Pittsburgh area. Looking to convert to student housing ie all undergrad. Apparently this is a niche market. At this point, looking for anyone to give me coverage. Extra glitch: House is jointly owned with my LLC and my daughter which since she will no longer be the occupant makes it a commercial property which narrows the field further. Didn't think it would be an issue given the number of colleges in town. I guess the smaller guys are lying or don't have insurance. Not my ideal situation. Any suggestion appreciated.
Investor · SE, MI · Member since 2013 · 1k+ posts · 461 votes
10y
I had the same trouble, finally found that All State would insure my triplex that was rented to students. You could also look for a broker to help you out- I have one insured through American Modern. Most companies flat out refused if I rented to any students, and about half my units have students in them. I am not sure about the property being jointly owned by an LLC, a broker might be able to help you with that too.
It makes no sense to me- for most companies, it would be ok to insure my rentals if I rented to a bunch of 18 year olds as long as they weren't in college, and I certainly can't discriminate against students (not that I'd want to!).
Investor · Aliquippa, PA · Member since 2013 · 28 posts · 1 vote
10y
I have Allstate for my personal property so they were my first go to company. Unfortunately since my LLC owns part of the property they consider it commercial and won't cover. Have 2 brokers looking. When I decided to go this route I was more worried about the tenants than the insurance issue. Lesson learned.
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
10y
@Dawn Wilkins I have an insurance carrier who is looking to write Student Rentals. They can insure the properties in your personal name & an LLC. I'll PM you some info.
Investor · Aliquippa, PA · Member since 2013 · 28 posts · 1 vote
10y
Here in Pittsburgh if I were to put in personal name I would have to pay a tax plus I would lose the protection my LLC provides. I had insurance prior because there is a partner that was using as primary residence. That has changed.
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
10y
We had to go to the assigned risk pool in RI for a student rental in our name. For an LLC we got a regional insurance company Andover group but they don't write in PA, although that wasn't a student rental we have had students in that MF but the LLC was the driver for the insurance.
Providence, RI · Member since 2016 · 73 posts · 36 votes
10y
I understand your concerns. I live in a two-family virtually adjacent to a college. I thought that they were going to make me take a lie detector test that I would not be renting to students. However, should I move out, I will contemplate renting to students. Thanks for the feedback.
Investor · Kirkland, WA · Member since 2015 · 21 posts · 3 votes
10y
I have student rentals in the Western PA area. I use Allstate for everything in my name and State Farm for everything in my LLC. My Allstate Agent tried to refer me to some company out of Ohio I forgot, but don't waste time with them. Also Erie is an option if State Farm gets funny (e.g. my State Farm agent did his own inspection of the property and had things he wanted me to fix). I also got the impression that State Farm agents have some leeway on whether they wanted to add student rentals to their insurance portfolio so picking the right agent seems important. I needed to close but will likely look for a company that is more comfortable with LLCs and students than State Farm.