Insurance and “Student Housing”

[Rob Gervais]

Hello everyone, I recently learned that, because my tenants all happen to be students, my insurance company won’t cover the property because they don’t deal in “student housing.” Has anyone ever encountered this? What company do you suggest? My town has at least eight colleges, but my duplex is in no way marketed toward students. I have been informed that I have 30 days to find a new policy or I will lose coverage. Any suggestions would be immensely appreciated. Thank you!

[Frank Chin]

What you should do is locate an insurance broker in your area, and the broker should be able to locate an insurance company for you. If your town has at least 8 colleges, other landlords must have rented to students, and gotten insurance, and any broker attuned to the locate market must have dealt with those landlords.