Do you own investment properties that you rent out to students? Property owners with primarily student tenants require insurance that addresses the specific risks that come with student housing. 

We can help you find specialized coverage to safeguard your rental income from unexpected events, lawsuits, or property damage.
Get a Free Quote

What Is Student Rental House Insurance?

Student housing insurance is a specialized policy that helps protect landlords and property management companies from damages to their rental properties. 

While a student housing policy can cover typical things like damage due to natural events like severe storms, it also helps property owners deal with things like higher property damage and increased maintenance costs. Students are often living on their own for the first time when they go to school, and may not take the same care as other tenants would.

What Does a Student Housing Insurance Policy Cover?

As every rental property is unique, so are student housing insurance policies. The coverage you need will depend on your unique circumstances, but student housing insurance may cover:

  • Tenant damage or neglect
  • Up to 10 students per residence
  • Loss of rental income during repairs
  • Risk and replacement cost of the primary residence
  • Other buildings on the property like garages and sheds
  • Contents of the owner such as appliances or maintenance equipment

If a tenant or their parents try to sue you, a student housing insurance policy may also cover your attorney fees, court costs, and administrative costs.

It’s important to note that these policies don’t usually cover the cost of replacing personal possessions of the occupants. If your property suffers a loss for a covered event, any personal belongings of your tenant(s) are likely not going to be covered by a student housing insurance policy.

Do You Need Student Housing Insurance?

While it’s not legally required in Canada, your mortgage lender may require insurance on your rental property. Without it, if the property is damaged and you default on the loan, the lender may not recover their investment through a sale.

Even if you own the property outright, keeping it insured is a smart decision. Major repairs, especially after events like fires or a sewer backup, can be extremely costly. Having insurance ensures your real estate investment is protected in case of disaster.

Types of Properties Student Housing Insurance Covers

Our policies cover residential properties like single-family homes, but also:

  • Condos
  • Multi-family homes
  • Student housing complexes
  • Homes that have been converted to duplexes or triplexes

Even if your property type isn’t listed, as with all of our insurance products, Sutherland is dedicated to finding the right policy for our clients. We understand managing rental properties with multiple tenants can be stressful, and we’re committed to helping you find options that suit your needs.

How Much Does Student Housing Insurance Cost?

Every policy is different, whether you own rental property across Canada or just here in Ontario. The cost of your insurance depends on:

  • Claim history
  • Property value
  • Property location and age
  • Your annual rental income
  • Number of rental units and tenants

The amount you pay will also depend on the coverage amounts and deductibles you choose for your policy. Sutherland Insurance’s student housing policies come with liability coverage of $2,000,000 and a $50,000 for sewer backup. To get an accurate quote, it's important to speak with one of our qualified brokers to fully understand your needs. 

Get a No-Obligation Insurance Quote

Frequently Asked Questions

Do I have to have student housing insurance in Ontario?

There is no legal requirement for you to have student housing insurance in Canada. However, it’s highly recommended due to the unique nature of renting to students, as repairs are often more expensive than single-family rental homes.

What is the difference between student housing and renters insurance?

Student housing insurance is designed to protect the landlord or property owner and their possessions. It does not cover the individual belongings of the tenants.

Renters insurance, on the other hand, is designed to protect the possessions of renters. While your tenants are not legally required to have renters insurance, it’s a smart move to require it as a condition of leasing your property. Doing so can protect you from costly legal fees should they not have adequate property coverage and try to sue you.

What is not covered by student housing insurance?

Other than individual students’ property, there are other things a student housing policy will not cover. Typical exclusions include intentional damage or vandalism, normal wear and tear, and flood or earthquake damage.

What if my tenants aren’t students? Can I still be covered?

Because a student housing insurance policy is designed for the specific risks associated with owning student accommodations, renting to non-students may void your insurance coverages. It’s always best to be honest with your insurance company and keep them up to date with any changes with your property to ensure adequate coverage.