HMO Insurance is critical for landlords of these types of property with many HMO properties (house of multiple occupancy) being considered as a higher insurance risk. This means that finding a good value insurance solution is often difficult. This is where we come in, to offer you a tailor made quote to suit your needs, we are independent and so have access to a wide range of policies across the market. In fact, we are well known throughout the industry as providing excellent HMO Insurance to landlords.
Your liabilities, obligations and requirements change significantly when compared to a standard let property owner. Consequently you will need a specialist policy to cater for this. This is where we can help; we tender the market and approach specialist underwriters who tailor their quotations to meet the proposer’s needs and regulations. It’s also important to be aware of your Local Authority’s requirements when it comes to this kind of property as it does change from authority to authority. Speak to your local council if you are unsure, this is an area that has become more regulated in recent years.
One of the most important things when considering a HMO Insurance policy is how much the building is covered for.
Ideally, you must contemplate what would cover the cost of rebuilding from scratch in the event of a fire or natural disaster as well as covering loss of rent to tide you over.
At Goldcrest we are proud to be one of the UK’s best providers of specific HMO Insurance policies and we will work with you to ensure that you have the right level of cover for your needs. We offer a no obligation quotation, why not apply now.
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HMO Insurance Optional Benefits
Loss of rent and buildings cover are as standard, but other optional benefits we offer in addition are: alternative accommodation costs; landlords’ contents (if you have furniture in the property); contributions towards alternative accommodation for your tenants, legal protection, rent guarantee and public and property owners’ liability, in case anyone injures themselves in the property.
If you are a property developer and hire staff, it’s also important to ensure you have employers’ liability insurance to cover you for injuries or illnesses which we can also cater for.
Whether you own one property or a larger portfolio, finding the right Insurance is as important as finding the right tenant and at Goldcrest, we’ll find you the right level of cover to protect your HMO properties:
Along with any type of tenant:
- DSS/Housing association
- Asylum Seekers
What Are Houses Of Multiple Occupation?
HMO properties are also known as Homes in Multiple Occupation or Multiple Occupancy Homes which are properties found in the private sector housing that shares a bathroom or kitchen with someone else in the property (For example two separate bedrooms rented by different people but they both share the same kitchen and/or bedroom). Again the definition of when a multi-let property becomes a House of Multiple Occupation can change depending on it’s location, so always check with your Local Authority to ensure you are fully up to speed on your obligations as a landlord / property owner.
They are an incredibly popular investment in areas with large student populations, hospitals, airports or anywhere in fact where there are likely to be people needing shorter term or more affordable accommodation. They can be a good investment because renting out each room individually is likely to bring in a higher yield than the property as a whole.
There are some downsides of course, you are responsible for many of the bills associated with the property, maintenance and upkeep of communal areas which are generally not looked after as well as those properties which are let as a complete unit. You will also have to provide furnishings, utilities etc. to make sure your property is an attractive prospect for potential tenants. Many landlords will also arrange services to attract tenants such as Sky TV, a weekly cleaning service and regular updating and freshening up of communal spaces. There are Health and Safety obligations also, so make sure you are fully up to date with this before renting your rooms out. Again, another reason why HMO Insurance is so important in these instances.
As mentioned, the licensing rules around HMO properties change from area to area, this and changes in taxation can make margins smaller than previously, so getting good value on your Insurance policy can help to make this a more attractive investment opportunity.
Find out more about HMO properties by clicking here.
If you want to find out more about HMO Insurance and how we can help you then please get in touch.