Aviva Launches New Insurance Cover for Student Lets

One of the largest UK insurance providers – Aviva – recently announced the launch of a new insurance product designed for landlords who are specialising in student accommodation. The instant quotes on the newly launched insurance product will be available through Fast Trade, Aviva’s broker.
Household insurance experts at Aviva are determined that student population in the United Kingdom increased significantly, which fact resulted in high demand for rental properties. According to the results of Aviva’s research, nearly 80% of UK students, excluding international students, study away from home; of those students, approximately 65% live in rented accommodation. It has been revealed that most students who are in their first year live in residence halls, but move to rented accommodation, which they usually share, in their second or third year.
CB Richard Ellis, leading British commercial property services adviser, claims that the British market of student accommodation is constantly growing. In the past 5 years, it is said to have expanded by 14%; moreover, it is expected to grow further as student accommodation with private landlords often proves to be more affordable than with private halls.
Aviva’s product developer, Mr. Mark Keavney, admitted that landlords who specialise in student accommodation traditionally find it hard to obtain proper insurance cover because student lettings involve a lot of risks. That is the reason why Aviva decided to expand into the sub-segment of student rented accommodation and to offer landlords Residential Property Owners insurance cover as it provides home cover for all types of risks.
The product is available via Aviva’s broker for those landlords, providing student accommodation, who use either Short Assured Tenancy Agreements or Assured Shorthold to manage the rented property. The package includes cover against malicious and accidental damage and loss of rent.