All Topics / Help Needed! / Anyone Know About Student Accommodation Insurance?

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  • Profile photo of johns35johns35
    Member
    @johns35
    Join Date: 2012
    Post Count: 4
    June 25, 2012 - 7:41 am

    Hi there,

    my brother and I have been talking about investing together and are finally going to take the plunge. We've sourced a nice 5 bedroom property which I have researched and we can get council approval for to run as a student house with different leases for each individual room.

    I'm trying to find out a little more about the insurance aspect of it all as I know there will most likely be some different rules for this type of property.

    Does anyone have any experience in this area?

    Thanks in advance.

    Profile photo of mattstamattsta
    Participant
    @mattsta
    Join Date: 2011
    Post Count: 604
    June 25, 2012 - 1:16 pm

    couldn't you use a normal landlords insurance poicy???

    Profile photo of jasonjwjasonjw
    Member
    @jasonjw
    Join Date: 2012
    Post Count: 5
    June 27, 2012 - 9:01 pm

    Mattsta wrote

    “couldn’t you use a normal landlords insurance policy???”

    Actually you can’t use normal landlords insurance if their are seperate leases in the property. This situation happened to us when we bought a student house (with 8 bedrooms.)

    @jason:

    You best bet would be to speak to someone who deals in that kind of insurance directly. I tried to call around all the insurance companies when we were looking but it was a long and painful experience. Basically none of the normal insurers deal with this area and the only people we could find who did were a specialist broker in Caboolture. I have just done a Google search and it looks like they have built a website about it here http://studentaccommodationinsurance.com.au/. It’ll save you hours just by speaking to them.

    I even asked our local insurance broker but he had no idea as well and he normally deals with general business insurance.

    Good Luck

    Profile photo of NooobNooob
    Member
    @nooob
    Join Date: 2012
    Post Count: 34
    June 28, 2012 - 12:56 am

    I've clicked on their case study and the very first case will give you an idea about the cost:

    Mrs. Thomas has a property and had 5 tenants and herself living on the property under 5 individual leases… bla bla bla

    Existing Insurance policy cost $1027
    Total cost of damage $250,000
    Student Accommodation Insurance Policy
    with PBi cost $2750

    Thanks Jason

    Profile photo of johns35johns35
    Member
    @johns35
    Join Date: 2012
    Post Count: 4
    July 5, 2012 - 2:19 am

    Thanks for that. I called the people off that website and spoke to Karen who sounds like she deals with this kind of insurance all the time.

    We did the math and basically it looks like the property is going to work out as the cost to get the property up to council spec isn’t going to be that much and its only 2 km to a uni and tafe and I know there’s a constant stream of students looking for accommodation in the area as I have lived close by for many years.

    Thanks for your help.

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