RMK Insurance Brokers have looked after the business and personal insurance requirements of our family for many years now. We value their flexible approach and practical advice; being able to deal efficiently with the full extent of our various policies is a great advantage. We are able to contact them at any time and get immediate answers, their staff are knowledgeable and friendly. We have recommended them on a number of occasions.
Student Accommodation Buildings Insurance is becoming more specialist as the growth of the University system has vastly increased the need for high standard student accommodation.
This demand for student accommodation is being met in part with the traditional housing stock with private landlords adapting houses to suit the needs of the local student population. Despite the increase in stock the insurance market is very used to dealing with this insurance and in fact quotes can be obtained from this website for individual residential property insurance for students.
However, there is now far greater investment into either the conversion or new build of apartment blocks designed to cater either wholly or mainly for students.
Historically, many insurers have not found student accommodation to be attractive business and most of the recognised insurance market have avoided this insurance leaving it to lesser known insurers.
Apartments blocks being converted or newly built by professional investors are of more appeal to insurers as they recognise investment on this scale carries high standards and professionalism.
These new student student accommodation blocks often come with far higher standard of fit out with many more services and amenities provided to the ever increasing expectations of students.
It is therefore important to consider the following when arranging student accommodation building insurance: –
- The value of the contents that you are providing for students which should include all furnishings including soft furnishings such as carpets and curtains and linen as well as general contents such as utensils, fridges, microwaves, tv’s etc.
- Loss of revenue. You should insurer for the total annual rental income including any service charges and consider the period you would need to insure for. Typically three years is recommended as this is the period it might take to rebuild the property in the event of a major fire. Some policies automatically provide a percentage of the buildings insurance for loss of rent. If this option is considered the rent should be calculated to see if this would be adequate.
- Alternative accommodation. Check your lease agreements to see what obligations you may have and if any insurance is required.
- Consider the building valuation. If a new build you should have a clear idea of the cost of re-building. However, if this is a conversion it can be more complicated and possibly you should consider a professional rebuilding cost valuation.
- Inflation protection. Once the rebuilding cost is known then you should consider how to protect against inflation during the rebuilding period. Index linking and Day one inflation increases should be considered and you should seek the advice of your insurance adviser.
- The management of the property particularly as the majority if not all of the property could be vacant at the same time. All insurers have restrictions regarding unoccupied properties and this needs to be considered in some detail when arranging the student accommodation buildings insurance.
- Are there any onsite facilities such as a restaurant or gym. Are they independently run or offered by the owner of the student accommodation in which case additional liabilities and insurance requirements arise.
- Are their any employees that will require employers liability insurance.
- Is there any cladding. Insurers will want to know all of the details of the cladding.
RMK can help you navigate the insurance market to ensure that you have the right insurance for your student accommodation with an insurer that understands the industry and is competitively priced.
RMK can also help at the development stage with developers insurance (also known as contracts all risks) and building warranty insurance.
Small conversions to large purpose built
Rebuilding cost valuations can be arranged for £125 for buildings up to £10m. This can be waived if RMK subsequently insure the building. Contact us for details.
- Private & Business client in Dartford
RMK Insurance Consultants have been our brokers for the past 21 years for the simple reason that they have always achieved what is in our best interests. We have every confidence in their advice and thus safe in the knowledge that we have the right insurance cover for our business.Martin Cosgrove
M G Cosgrove Construction Limited.
I have used RMK insurance brokers for a few years now and they give honest good advice and are there when you need them – when you need to make a claim. On top of that they are really friendly to deal with -what’s not to like !Terry Maylin
I have introduced RMK Insurance to several of my clients and they have consistently provided impartial advice on all aspects of business insurance and have always delivered an excellent service. I have no hesitation in recommending them.Robert Mears
Business Management Consultant
Excellent service, RMK has provided my company professional indemnity insurance for a number of years and it’s always diligent and hassle free.Jill Willis
We were recommended to use RMK when we started up our new company in 2012 and we have not looked back since. The main thing for me is that it takes all the work out of it for us and Kevin is always on hand for any insurance queries. We have always received honest friendly advice. With their expert knowledge of the insurance market, they have managed to obtain the best possible rates for us and have dealt with any claims efficiently and expediently. I would have no hesitation in recommending them to anyone, either an individual or a business.Katrina
Property and Personal Insurance