Are you a HMO landlord, or an aspiring home of multiple occupation owner? Are you expecting various tenant types to occupy the property, such as DSS, Students, Guardians, recovering drug/drink addicts or even homeless people between hostels/housing? Or is your property a converted Hotel or Church; had subsidence or flooding history; or perhaps it’s a listed building?
These may seem infrequent problems, however with the current surge in properties under HMO let, many landlords and property owners are looking to maximise their income any way possible. In terms of rent receivable the usual avenue is converting the property to a House of multiply occupation (for rules and regulations applicable to your area check the HMO website).
During the completion of this process, you may have 18 rooms you need to let and the chances are, it may not be possible to let the entire property to working professionals in order to make the property more favorable to insurers.
Getting a HMO property insured is not easy for landlords at the best of the times, so if there is anything of your property or tenancy that falls outside the norm, it can feel like an impossibility – that is of course until you approach Goldcrest.
HMO Let property insurance is becoming every increasingly the core of our business; from standard 3 bed lets, portfolios, to non-standard hard to place inquiries. So whatever the structure, tenants etc. we can source your insurance needs, from market specialists.
Case Study : We receive several inquiries in which the landlord has a HMO property and has tenancy agreements between local authorities/third party companies who house previous drug and drink addicts, and some who house the homeless with the attempts to blend them back into society with training, education and care. Tenancies can be for any length of time from weeks, months or years.
Trying to insure a property of this nature would be near impossible via the usual routes of your meerkats and red telephones, but risks like this is where the value of a specialist insurance broker really comes into fruition. So for all your HMO insurance requirements contact Goldcrest us today.
