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Updated 22 days ago, 10/30/2024
Surplus Insurance Line for Student Rentals
I'm currently doing my due diligence on a multifamily that's located within a college campus. It's current tenants are not students but my plan is to replace the tenants with students within the year after purchase.
My insurance provider has given me a warning that this will change my insurance from a standard dwelling/fire to a surplus line, specific to undergrad tenants. The premium will go from $4k to nearly $12k. How are landlords with student rentals handling this? Do most landlords just keep this under wraps?
Thanks in advance!