Student Accommodation Providers

Student Accommodation Providers – are you letting your property on a short-term basis over the summer months when your student tenants move back home? Are you leaving it vacant? Does your insurance company know about this? Would you be surprised to hear that unless they are aware of the change in circumstances, they may not provide cover in the event of a claim during this holiday time?

When you take out a policy as Student Accommodation Providers, are you advising your insurance company of what happens to the tenants over the holiday period or are you simply noting the tenancy type as students?

Most policies will allow for a period of vacancy between tenants, which can range from zero tolerance on vacancy right up to 30 days allowance before they deem the property vacant. However, you must advise the company once the vacant period extends beyond this.

Equally, if you are using the property for short-term lettings then the insurer needs to be made aware of that information BEFORE it happens.

Within the general conditions of your policy wording, it will stipulate whether you need to and how often you need to advise of a change in use or circumstances with your rental property. This condition is often referred to as the Change in Circumstances condition.

An example of this condition states;

The Insured must tell the Insurer as soon as practicably possible of any change in the information the Insured has provided to the Insurer which happens before or during any Period of Insurance, including for example when any Building(s)) or portion thereof become(s) subject to a change of occupational use.

If the Insured does not inform the Insurer about a change, it may affect any claim the Insured makes or could result in insurance being invalid.

But what does Unoccupied mean:

Unoccupied means closed for Business, or not occupied by any tenant for their usual purposes, for any period of more than thirty (30) consecutive days. (If 30 days is what your policy allows you)

As Student Accommodation Providers, do not put your property at risk. Make sure that your broker and insurer know the full story regarding the property’s occupancy.

For further information regarding Comprehensive Landlord Insurance and what we can cover, please click HERE.

Contact S.A. Faughnan (Brokers) Ltd. on 01 8245555 or at newbusiness@safaughnan.ie or visit us at www.safaughnan.ie