Category: HMO Property Insurance

By having an asset any prudent individual would want to ensure that it is fully covered in the event of an unforeseen misfortune, no matter how different that asset may be. What I am alluding to of course is HMO properties.  Many landlords that own standard single let properties tend to look for a well-known established insurance company at a competitive and affordable premium, and this should be no different from HMO let property owners. Read More

Why is HMO Insurance so difficult to get a quote for? Does it seem that the majority of insurers just turn you away and that there are hardly any insurers out there who will cover your bricks and mortar.

Goldcrest have worked hard over the years to get tailor made products in place to help with the cause for the HMO landlords insurance. We have a great scheme in place with an A rated insurer who cover all the needs of the landlords. If this scheme cannot compete for whatever reason then we have our back up companies who 99 % of the times come up trumps. Read More

Are you a landlord that lets to local housing allowance tenants and feel you are paying too much on your insurance?

When insuring let properties with DSS or LHA tenants whether it be standard let or HMO let, many providers look to double or increase dramatically the premiums they would offer for professional tenants, and many do not provide cover for this tenant type at all. Read More

What you need to know about HMO properties:

HMO (known more elaborately as Houses in multiple occupation or houses of multiple occupancy) is a term used in property which refers to residential properties in which “common areas” (such as kitchens and bathrooms) exist and are shared by more than one tenant. Read More

Owning an HMO has become an ever popular trend. Over the past couple of decades this way of letting a property has increased dramatically.  HMO landlords or landlords of homes of multiple occupancy have seen this way of renting to be a far more beneficial than just renting out to one family in a house.

Now houses are being converted in multiple rooms which is resulting in multiple tenants occupying each house, hence the name house of multiple occupancy.  The landlord now has in place multiple tenancy agreements instead of just one. Read More

Are you new to the HMO property industry?  Looking for some advice and help getting the most out of your investment?

It’s only natural for HMO landlords now a days to look for the most profitable way to let their property, and lately all arrows point towards converting the property into a Home of Multiple occupancy. Read More

So, given that you’re on our website, you’re being very efficient and looking into the insurances for HMO properties – if you’re thinking of buying a HMO or converting your existing property into a HMO, sourcing the insurance is the easy part – as we take all the stress out of that for you, and obtain comprehensive immediate quotations.

Before your insurance, you’ll need to consider if you property requires a HMO licence.  You’ll need to contact your council for a licence to rent out your property as a house in multiple occupation (HMO) in England or Wales. Read More

Many insurance providers claim they can insure multi tenanted properties, more specifically HMO properties; however what they do to accommodate them on their schemes is quote them as bedsits!  By doing this you end up paying more than you would need to.

Bedsits are a higher risk for insurers than HMO’s, mainly due to the cooking exposure in the rooms, and also the short term in which the tenants are in the rooms for, as bedsits tend to be used on a very short term basis.    Whereas HMO’s generally have communal kitchen areas, which means only one area in which any cooking takes place reducing the potential fire risks of a bedsit, and in most cases are let on normal AST’s. Read More

Insurance for houses in multiple occupation … HMO  Insurance … Students… DSS tenants .. Homeless …. Unoccupied whilst building works take place … Mixture so tenant type … Shared facilities … Designated cooking areas ….

Now does this read well for insurers!   Are insurers going to look at the make up above and think, Great risks.   This will run well  let’s quote ! Read More

If you own a property with a number of rent-able rooms, we understand that it can be financially prudent or even more convenient to let the property to the local authority, housing association, local government or even a charity.

Rental agreements such as this are becoming ever more frequent in the HMO/multi let property market, and though it takes the strain and stress out of finding a tenant for each rent-able room, this stress is then passed on to finding an appropriate insurance policy for your property. Read More