If you have converted your property to let as either a HMO or as Bedsits, you will soon realise that insuring the property won’t be so straight forward.
The majority of insurers will not provide quotations for properties which are let on a house of multiple occupation basis nor provide quotations for properties divided into bedsits, directly to the public – for quotations of this kind, landlords will need to contact a broker. Luckily you’re on the right broker’s website.
Goldcrest have established vital relationships with HMO/Bedsit insurance providers which in turn gives us access to leading premiums and coverage and due to our high volume business within this sector we are always working with insurers whom give us tailored exclusive market rates.
I assume you are currently thinking, “that’s all well and good – but what sets you aside from other providers” – Let us tell you: A prime stumbling block you will find from providers who claim they insure HMO properties or Bedsits is that they will have a limit on the number of rooms they can insure up to, many cases you will find it is a maximum of 6 rooms, with our providers, we do not have set limits; for example – we currently insure a hotel converted into a HMO property with 30 rooms!
Most if not all HMO properties have shared cooking facilities, but we do receive those enquiries in which they are not quite bedsits, but are not quite 100% HMO properties – as soon as you mention the fact there is cooking permitted in the rooms, certain insurers will rubber stamp it with a big fat “No Quote” – where we can provide quotations for these risk types, all that we require is confirmation that the cooking is in a designated area, or in other words a “kitchenette” (a studio flat type set up) opposed to tenants cooking on a portable hob etc.
HMO lets and bedsits, has really become our niche book of business, and we look to accommodate all risk types, so if you’re struggling to insure your property or feel you’re paying too much for your insurance for your block of bedsits or HMO property, contact the property team at Goldcrest today.
