Coverage requirements

Student Housing

Habitational95% completeness
Run gap analysis

Last updated August 2026 · Maintained and reviewed by the Advocate Insurance Consultants coverage research team.

Overview

What an adequately protected Student Housing program looks like

Advocate's recommended baseline coverage standard for student housing properties, calibrated to the seasonal occupancy, turnover, and liability dynamics specific to student rentals. A solid starting point when structuring non-agency deals or comparing a property's existing program to market expectations.

Key takeaways

  • Spans 127 published requirements across 37 coverage type-peril pairs.
  • Applies to 1 asset type: Student Housing.
  • Covers 9 coverage types and 11 distinct perils.

At a glance

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Requirements
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Coverage types
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Perils
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Asset types

Completion score

0%

14 of 37 WIM pairs required

Coverage tower

Required limits by coverage type and peril

Property5 coverage types

Builder's Risk

Avalanche≥ Total Project Value
Boiler & Machinery≥ Total Project Value
Earthquake≥ Total Project Value
Flood≥ Total Project Value
Mine Subsidence≥ Total Project Value
Named Storm≥ Total Project Value
Overall limit≥ Total Project Value
Sinkhole≥ Total Project Value
TRIA - Property≥ Total Project Value
Volcanic Eruption≥ Total Project Value
Wind Hail≥ Total Project Value
Non-Certified Acts of Terrorism Property≥ Total Project Value

Business Income

Boiler & Machinery≥ Business Income Amount
Earthquake≥ Business Income Amount
Flood≥ Business Income Amount
Named Storm≥ Business Income Amount
Overall limit≥ Business Income Amount
TRIA - Property≥ Business Income Amount
Wind Hail≥ Business Income Amount
Non-Certified Acts of Terrorism PropertyPer policy

Physical

Boiler & Machinery≥ RCV of Existing Structure / Insurable Value
Flood≥ RCV / Insurable Value of First 2 Floors Above Grade + any Floors Below Grade of Buildings Located in an SFHA
TRIA - Property≥ RCV of Existing Structure / Insurable Value
Wind Hail≥ RCV of Existing Structure / Insurable Value
Non-Certified Acts of Terrorism PropertyPer policy
Earthquake≥ Largest Individual TIV on the SOV
Named Storm≥ Largest Individual TIV on SOV In Tier 1 Wind Zone
Overall limit≥ Largest Individual TIV on the SOV

Ordinance or Law

Flood≥ RCV / Insurable Value of First 2 Floors Above Grade + any Floors Below Grade of Buildings Located in an SFHA
Overall limit≥ RCV of Existing Structure / Insurable Value

Business Personal Property

FloodPer policy
Liability2 coverage types

Employer's Liability

Overall limit$1M

Worker's Compensation

Overall limitPer policy

Requirements

Full requirement set for Student Housing

Every requirement in the Advocate standard, 127 rows across limits, deductibles, carrier rating, and presence checks. Search and filter to drill in.

Group
Type
Peril

Showing 50 of 127 matching · 127 total

RequirementPerilRequirement typeApplicabilityRequirement
General › AllCaptive Insurer or Risk Retention Group (FMAC & FMAE)OverallOtherAllConfirm if Insurance Coverage is provided via a Risk Retention Group or Captive Insurer.
Property › Business IncomeConfirm if Business Income is Included In Blanket LimitOverallDeductibleBlanketConfirm if Business Income is Included In Blanket Limit.
General › AllDo Not Allow for Premium FinancingOverallOtherAllInsurance that is Premium Financed is not accepted.
General › AllInsurance Carrier Rating [daae909e]OverallCarrier RatingAllCarrier must have an AM Best Rating that meets the required Letter and Financial Size ratings.
Property › Business IncomeRequire 90-day Extended Period of Indemnity [c165f334]OverallOtherAllPolicy's with loan amounts equal to or greater than $35M require a 90-day Extended Period of Indemnity Endorsement.
Liability › AllRequire ACORD 25OverallOtherAllAll liability coverages must be provided on an ACORD 25 form.
Property › AllRequire ACORD 28OverallOtherAllThe property coverage must be provided on an ACORD 28 form.
Liability › General LiabilityRequire Aggregate Number of Residential Units on the Blanket PolicyOverallOtherAllProvide the Aggregate Number of Residential Units covered under the Policy
General › AllRequire Broker Signature on Binding DocumentsOverallOtherAllInclude agent's signature on document.
General › AllRequire Carrier Cancellation NoticeOverallOtherAllIndicate "30 day notice of cancellation except 10 days for non-payment to the lender" on ACORD(s) and/or insurance documents.
Property › AllRequire Geographical Risk AnalysisOverallOtherBlanketBlanket Policies require a Geographical Risk Analysis.
General › AllRequire Insurance Broker DetailsOverallOtherAllBound proof of insurance must include the insurance broker's details: insurance brokerage name, broker name, email, phone number, and brokerage mailing address.
Property › PhysicalRequire Joint Loss Agreement EndorsementBoiler & MachineryOtherAllIf the Boiler and Machinery coverage is provided by a different insurance carrier than the primary insurance carrier providing the property coverage, both policies require a Joint Loss Agreement Endorsement.
Property › Business IncomeRequire Largest Individual EGI of Properties in an SFHA on the SOVFloodOtherBlanketProvide the Largest Individual EGI of Properties in an SFHA on the SOV.
Property › Business IncomeRequire Largest Individual EGI of Properties on SOVOverallOtherBlanketProvide the Largest Individual EGI of all Properties on the SOV.
Property › PhysicalRequire Largest Individual TIV on SOVOverallOtherBlanketProvide the Largest Individual TIV on the SOV.
Property › PhysicalRequire Largest Individual TIV on SOV Located in Tier 1 Wind ZoneNamed StormOtherBlanketProvide the Largest Individual TIV Located in a Tier 1 Wind Zone on the SOV.
Property › AllRequire Lender as Loss PayeeOverallOtherAllLender must be marked as Loss Payee. ({case.lossPayeeClauses})
Property › AllRequire Lender as MortgageeOverallOtherAllLender must be marked as Mortgagee. ({case.mortgageeClauses})
Liability › General LiabilityRequire Liability Limit Applied Per LocationOverallOtherMultilocationThe Aggregate Limit of Liability must apply on a per location basis.
Property › Ordinance or LawRequire Ordinance or Law Coverage D - Increased Period of Restoration (5+ Stories)OverallOtherScheduledOrdinance or Law Coverage D - Increased Period of Restoration Endorsement is required.
General › AllRequire Policy CollectionOverallOtherAllThe long form policy must be provided.
Liability › General LiabilityRequire Policy Form Basis - General LiabilityOverallOtherAllGeneral Liability Policy Form Basis must be on a Per Occurrence Basis. Claims Made Basis is permitted if combined with Professional Liability.
Liability › Terrorism LiabilityRequire Policy Form Basis - Terrorism LiabilityOverallOtherAllTerrorism Liability Policy Form Basis must be "Per Occurrence Basis".
Property › Builder's RiskRequire Special Coverage Form [buildersRisk]OverallOtherAllThe Builder's Risk Coverage must be on a Special Form.
Property › Business IncomeRequire Special Coverage Form [businessIncome]OverallOtherAllThe Business Income must be on a Special Form.
Property › Business Personal PropertyRequire Special Coverage Form [contentsBusinessPersonalProperty]OverallOtherAllThe Business Personal Property Coverage must be on a Special Form.
Property › PhysicalRequire Special Coverage Form [property]OverallOtherAllThe Building Coverage must be on a Special Form.
General › AllRequire a Payment MethodOverallOtherAllThe annualized premium per coverage line AND (1) Paid in Full Receipt OR (2) Proof of Payment Schedule OR (3) Invoice if this premium is escrowed by the Lender are requied.
Property › PhysicalRequire a Property Loss Payout BasisOverallOtherAllAsset must payout on an RCV Basis.
Property › AllRequire a Statement of Values [dcc040df]OverallOtherMultilocationStatement of Value is required for a True Blanket or Master policy .
Property › Builder's RiskSufficient Avalanche Builders Risk LimitAvalancheLimitScheduledScheduled Builder's Risk Avalanche Limit should be greater than or equal to {requiredValue}.
Property › PhysicalSufficient Boiler & Machinery Blanket Deductible ($250K)Boiler & MachineryDeductibleBlanketMax Allowable Boiler & Machinery Blanket Deductible is $250K.
Property › Business IncomeSufficient Boiler & Machinery Business Income Blanket Deductible (FMAE & FMAC)Boiler & MachineryDeductibleBlanketMax Allowable Boiler & Machinery Business Income Blanket Deductible is a Waiting Period of 3 Days / 72 Hours OR $250K.
Property › Business IncomeSufficient Boiler & Machinery Business Income Blanket Limit (FMAE & FMAC) (SOV)Boiler & MachineryLimitBlanketBoiler & Machinery Business Income Limit Blanket Limit must be at least ALS 12 Months OR greater than 12 months of either the Largest EGI on the SOV or largest NOI + Continuing Expenses on the SOV.
Property › Business IncomeSufficient Boiler & Machinery Business Income Deductible (FMAE & FMAC)Boiler & MachineryDeductibleScheduledMaximum allowable Boiler & Machinery Business Income Deductible is 3 Days/72 Hours OR $50K for a property whose IV is less than $10M, otherwise $100K.
Property › Business IncomeSufficient Boiler & Machinery Business Income Limit (FMAE & FMAC)Boiler & MachineryLimitScheduledBoiler & Machinery Business Income Limit must be at least ALS 12 Months OR 12 months of EGI or NOI + Continuing Expenses.
Property › PhysicalSufficient Boiler & Machinery Coverage Limit [rcvOnly_part2]Boiler & MachineryLimitScheduledBoiler & Machinery limit must be at least {requiredValue}.
Property › Builder's RiskSufficient Boiler and Machinery Builders Risk LimitBoiler & MachineryLimitScheduledScheduled Builder's Risk Boiler and Machinery Limit should be greater than or equal to {requiredValue}.
Property › PhysicalSufficient Earthquake Blanket Deductible (FMAC & FMAE 12/21)EarthquakeDeductibleBlanketMax Allowable Earthquake Blanket Deductible is $250K or 7.5% TIV of the Subject Collateral..
Property › PhysicalSufficient Earthquake Blanket Limit (FMAE & FMAC)EarthquakeLimitBlanketEarthquake Blanket Limit must be at least {requiredValue}.
Property › Builder's RiskSufficient Earthquake Builders Risk LimitEarthquakeLimitScheduledScheduled Builder's Risk Earthquake Limit should be greater than or equal to {requiredValue}.
Property › Business IncomeSufficient Earthquake Business Income Blanket Limit (FMAE & FMAC)EarthquakeLimitBlanketEarthquake Business Income Limit Blanket Limit must be at least ALS 12 Months OR greater than 12 months of either the Largest EGI on the SOV or largest NOI + Continuing Expenses on the SOV.
Property › Business IncomeSufficient Earthquake Business Income Deductible (FMAC & FMAE 12/21)EarthquakeDeductibleScheduledMax Allowable Earthquake Business Income Deductible is 15 days or $100K.
Property › Business IncomeSufficient Earthquake Business Income Limit (Fannie Mae)EarthquakeLimitScheduledEarthquake Business Income Limit must be at least greater than or equal to 12 months of effective gross income.
Property › PhysicalSufficient Earthquake Deductible (FMAC & FMAE 12/21)EarthquakeDeductibleScheduledMax Allowable Earthquake Deductible is 7.5% TIV of the collateral property or $50K for a property whose IV less than $10M, otherwise, $100K.
Liability › Employer's LiabilitySufficient Employers' Liability: Disease - Each Employee LimitOverallLimitAllEmployers' Liability: Disease - Each Employee Limit must be at least $1M.
Liability › Employer's LiabilitySufficient Employers' Liability: Disease - Policy LimitOverallLimitAllEmployers' Liability: Disease - Policy Limit must be at least $1M.
Liability › Employer's LiabilitySufficient Employers' Liability: Each Accident LimitOverallLimitAllEmployers' Liability: Each Accident Limit must be at least $1M.
Property › PhysicalSufficient Flood Blanket Limit (FMAE & FMAC)FloodLimitBlanketFlood Blanket Limit must be at least {requiredValue}.

77 more requirements

Compliance

Who requires Student Housing

  • A defined coverage floor guides non-agency and balance-sheet lenders financing student rentals whenever a deal falls outside GSE parameters, and it carries through origination and servicing for CMBS and bank lenders.
  • Owner-operators and property managers rely on it to confirm property, liability, and high-severity exposures are addressed on an asset with rapid turnover and seasonal occupancy.
  • Investors and their advisors treat it as a due-diligence checkpoint on a class underwriters view differently from stabilized multifamily, while carriers and reinsurers read it as evidence of disciplined risk management.
  • Brokers use it to structure submissions that reflect by-the-bed leasing and academic-year cycles.
  • Aligned with Freddie Mac agency standards, the coverage set gives owners a yardstick for measuring an existing program against market and GSE expectations even when agency financing is not the exit.

Carrier standard. Carrier must have an AM Best Rating that meets the required Letter and Financial Size ratings.

Advocate runs these checks automatically for the brokers who place habitational coverage.

Exclusions

What Student Housing does not cover

  • At its core, the baseline is a property and liability foundation and stops short of an all-lines program.
  • Neither cyber liability and data breach response nor pollution and environmental impairment coverage is part of the baseline.
  • Both liquor liability and inland marine sit outside the program's scope.
  • Liquor liability is a notable gap given the frequency of alcohol-related incidents in student communities, so any host-liquor exposure from sponsored events needs separate placement.
  • Resident belongings remain the student's or guarantor's responsibility through renters coverage.
  • Assault and battery and abuse and molestation are often optional or sublimited in student-housing forms rather than automatic, and business income treatment during planned summer vacancy varies, so confirm how the policy responds when a property is intentionally near-empty between academic years.

Risk advisory

Typical coverage gaps in Habitational

Seasonal occupancy is the defining wrinkle.

  • Properties empty out between academic years, and standard vacancy clauses can restrict coverage for vandalism, water damage, and even fire once a unit sits unoccupied past a set period.
  • Confirm a lifecycle or seasonal-vacancy endorsement is in place so planned summer emptiness does not silently narrow coverage, and set business income to reflect that revenue is concentrated in the academic calendar rather than spread evenly.
  • Liability frequency runs high.
  • Alcohol-related incidents, assault and battery, and abuse claims are more common in student communities, yet assault and battery and abuse coverages are frequently optional or sublimited in student-housing forms, so verify they are present at meaningful limits.
  • Any owner-sponsored event with alcohol needs host-liquor coverage placed separately.
  • Confirm whether limits apply per bed or per unit under by-the-bed leasing, mandate renters insurance, and reconcile property values to replacement cost given heavy turnover wear.

FAQ

Frequently asked questions

What insurance does student housing need?

A core program pairs property coverage with general liability, business income reflecting the academic-year revenue cycle, workers' compensation, ordinance or law, and directors and officers where an ownership entity exists. Assault and battery and abuse and molestation coverage should be confirmed, along with a seasonal-vacancy endorsement, and location-driven perils such as flood and named storm are added as needed.

How does summer vacancy affect student housing insurance?

When a property empties between academic years, standard vacancy provisions can restrict coverage for vandalism, water damage, and other perils once units sit unoccupied past a set period. A lifecycle or seasonal-vacancy endorsement keeps coverage intact during planned emptiness, and business income should be structured around revenue concentrated in the academic calendar.

Does student housing insurance cover assault and liquor claims?

Not automatically. Assault and battery and abuse and molestation are often optional or sublimited add-ons in student-housing forms, and liquor liability is excluded from the property and liability baseline. Given the frequency of alcohol-related and assault incidents in student communities, these coverages should be confirmed and any host-liquor exposure placed separately.

Are student housing limits applied per bed or per unit?

It depends on the policy and the leasing model. By-the-bed leasing, where each resident signs an individual lease, can change how occupancy, liability, and business income limits are measured compared with per-unit leasing. Owners should confirm how the policy defines the exposure so limits match the actual leasing structure.

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About this coverage standard

This profile is maintained by the Advocate Insurance Consultants coverage research team, which maintains the Coverage Library benchmarks against the World Insurance Model taxonomy and reviews each standard against live market placements. It is general guidance, not legal or coverage advice. Verify requirements against the actual policy and contract.

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