Rent Protection and CV-19

Adly812

I am renting a student flat and due to the closure of most universities I am fearful my rent will not be paid. I understand that travel insurance have some clauses on claiming Due to the cv19. But wondered about landlords insurance and rental protection ? 

Is there any further ways I can act now to avoid a massive financial loss when I can’t rent out my student property for the foreseeable future? As the fees on the property are really high.

davidmcn

We don't know what insurance you've already got. Obviously, nobody will now give you new insurance against the current pandemic.

greatcrested

What contract do you have with your tenant(s)?

Slithery

Smb3088 said:

I am renting a student flat and due to the closure of most universities I am fearful my rent will not be paid.

Are you saying that you are renting a flat and can't afford to pay, or did you mean that you are letting your property and the tenants can't pay? Renting is when you pay to live in a property, letting is when you accept money for someone else to live in your property.

Adly812

Forgive me.. I Meant to say renting out... I’m letting my property to a student and I have a AST agreement currently in place.
the dilemma I also have is my landlord insurance is due for renewal and I’m so fearful now with that insurance companies will not  payout Now for loss of rent due to this.

greatcrested

Again: What contract do you have with your tenant(s)? But to be more specific, what are the terms?

Who is the insurance with and what are the terms? Has the insurer invited you torenew? Have they changed the terms at al?

I really don't see how you can expect strangers on the internet to advise you with so little concrete information!

Adly812

So the flat is rented out as a student ‘pod’. Fully managed and insured through my service fees and management companies. It’s like a student dorm, so fees are set high for me, but it’s fully managed and insured.
the tenant in situ has to be a student. 

The AST holds the tenant liable for rent. However with the new laws in place, most universities accommodation is handing back terms rent since the closure.
my insurance company seems to have a note on their website that they won’t accept claims for the next 3 months for loss of rent.

im guessing most insurance companies now are following suit and not paying for any rent loss for the next 3 months.

would buying a new policy now be even worth it ? Can anyone please suggest an insurance policy at this very moment in time for a landlord to take out, in case the next academic year means that I don’t get a student in situ ? 

[Deleted User]

Smb3088 said:

So the flat is rented out as a student ‘pod’. Fully managed and insured through my service fees and management companies. It’s like a student dorm, so fees are set high for me, but it’s fully managed and insured.
the tenant in situ has to be a student. 

The AST holds the tenant liable for rent. However with the new laws in place, most universities accommodation is handing back terms rent since the closure.
my insurance company seems to have a note on their website that they won’t accept claims for the next 3 months for loss of rent.

im guessing most insurance companies now are following suit and not paying for any rent loss for the next 3 months.

would buying a new policy now be even worth it ? Can anyone please suggest an insurance policy at this very moment in time for a landlord to take out, in case the next academic year means that I don’t get a student in situ ? 

I can't think of any insurance policies that cover landlords for loss of income during void periods.  Rental protection insurance is certainly something that exists but it only covers tenants already in place who can't/won't pay the rent.

Comms69

Smb3088 said:

I am renting a student flat and due to the closure of most universities I am fearful my rent will not be paid. I understand that travel insurance have some clauses on claiming Due to the cv19. But wondered about landlords insurance and rental protection ? 

Is there any further ways I can act now to avoid a massive financial loss when I can’t rent out my student property for the foreseeable future? As the fees on the property are really high.

Is your question: 

I have insurance but dont know if it covers me
or
I'd like to buy insurance after the fact

Because the latter doesnt exist, but if it's the former, then we'd need to see the T&Cs

dimbo61

The University maybe generous with there own accommodation but you have Bought a " POD " in a private hall.
I am sure the paperwork will all be in favour of the developer and you were guaranteed a return of 5/6/7/8% for the next 5/10 years 
You need to read your contract very very carefully 
No tenant No money ?

Adly812

Yes it’s a private hall student pod. The profit every month, provided I had a tenant in The pod was £300 after my fees. 

The occupancy rate since built was always 100%. They have filled 115 out of 271 so far for the next academic year.
my tenant is in situ at the moment for the remainder of the year. 
 But now with everything going on, I am panicked about next year.