Companies that handle Landlord Insurance for Student Housing

[Dawn Wilkins]

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.

[Patrick Liska]

Have a company in central PA, that handles my student rentals, PM me if you are interested, they do not allow you to post the information on the Forum.

[Devin Woods]

Dawn,

Why do you believe that this has become a commercial property just because it is owned jointly? If it's a SF, then it obviously isn't greater than 4 units. Who you are renting to is irrelevant when it comes to insurance, just the fact that it's a rental. If you're having issues finding somebody who insures rentals at a reasonable rate, ask your broker for the other options that they offer other than the big name they represent.

[Dawn Wilkins]

I have been on phone with 3 brokers today. Foremost was my current insurance but they will not handle student housing ie who I am renting to is very relevant..it's a question on the application. Have had multiple people tell me since my LLC is on deed that makes it a commercial policy. My current broker ( who represents many companies) is at a loss. That is the reason I posted.

[Nick L.]

PM me and I will give you a couple people to try

[Bill Gulley]

Get a standard landlord policy from your existing insurance company for a house. Your property description, deed or pud doesn't designate to house as "student housing", that's what you're calling it. 

All you should be calling your house is a rental, who you rent to is irrelevant to the policy, you could say it's for retirees, but legally it's just a rental and anyone can rent it.

You also need to be careful in your tenant selection process trying to weed out the public to provide housing for only students. This is mostly accomplished by where and how you advertise and offer you property. Like on the Student Union bulletin board. There is also a higher turn over, you'll find that your tenants usually find your next tenant. 

So, don't sweat the name of your niche tactic, it's just a house for rent. Good luck :)  

[Dawn Wilkins]

I didn't even advertise. The coach of college team came to me. Previously my daughter rented out rooms so we had a simple residential policy. I had to upgrade because she left and the entire house is now being used as rental. When I filled out application I thought it best to be truthful ie is this house rented to students. If I ever file a claim it will be obvious who the tenants are. 

[Jason Bott]

@Bill Gulley & @Devin Woods, On the insurance side of this,

1) an LLC makes it a commercial policy.

2)  The renter being a student makes it a student rental. 

No way around these 2 things unless you misrepresent on the insurance application.  The "Do you rent to students"question is on every insurance app.

[Bill Gulley]

Well, this may be a state specific thing, I have not seen a student question, but I got my policy several years ago and it just renews. I've not seen any special provisions either.

That question would seem to have an issue in fair housing, also if that student were also a covered applicant type leading the claim further. 

Absolutely if it's in an LLC it's a commercial policy. Seems we have had single family policies (1-4 units) and multi-family (more than 4 units) and I can see the question asked on multi-family. I can also see zoning requirements for student multi-family, but not a single family home.

Be that as it may, you insurance agent will guide you. If there is a question, yes you must disclose your intentions. I actually do see this insured class having greater risks, but that can be managed knowing who mom and dad are and having contact with them and the kid, lay down the law!

And no, I never meant to imply lying on an application! A rental house is simply a rental house, limited exposure a far cry from multi-family complexes. Good luck :)  

[Jason Bott]

@Dawn Wilkins it is classified as a student rental in the eyes of the insurance carrier.   That being said, this is not an impossible task to find affordable options.

[Ash Hussain]

Hello all!

I just bought a 6 bedroom single family house and am renting it by the room. 2 of the tenants happen to be students.

I have standard homeowner's insurance for landlords, and was going to get an umbrella policy. I did notify the insurance agent that it is a 6 bedroom single family, and I am renting to 6 separate, non-related people... and he said that was fine. However, I am not 100% sure that the underwriter would agree with the agent in the event of a claim.

Would you recommend that I get insurance that is specifically designed for rooming houses? What else can I do to reduce my risk/liability? 

[Christine Varrone]

looking to buy a rental property for undergrad students but insurance agent said I'd have a hard time finding an insurance carrier willing to cover a rental property that Undergrad students rent. I'm told too risky. I'm in Connecticut... any suggedtions?