HMO insurance is very different from landlords insurance. The risks involved are significantly higher and it is essential to seek expert advice.
Being specialists in the property sector we understand the differing risks and legal obligations landlords face. Owning and operating an HMO bring an altogether different set or requirements to a run of the mill buy to let property. With highly skilled individuals we will guide you through the assessment of your risks and exposures when renting out an HMO.
Good value and great during a crisis
Our HMO insurance covers:
There are varying definitions of an HMO (house of multiple occupancies) , but generally speaking, the standard definition is if there are 3 or more tenants at the property forming more than one household and there are shared facilities (bathroom, kitchen etc). A large HMO is defined if the property is at least 3 storeys high and at least 5 tenants forming more than 1 household with shared facilities. Find out more in our article on What is HMO insurance
More and more HMOs are coming under license and each licensing authority will have their own rules, but the main legal requirements are as follows:
Yes, we are able to cover these.
Yes, we can provide rent guarantee for HMOs.
If it’s just that your tenant(s) have stopped paying rent then the answer is no, however, if the property has suffered material damage and is deemed uninhabitable following an insured event, then yes provided there was a tenancy agreement in place at the time of the loss.
A standard HMO policy doesn’t cover tenants defaulting, however, you can purchase an additional product that provides cover per tenancy for tenants defaulting. The price per tenancy but reduces the more tenancies you purchase it for.
If your policy provides malicious damage caused by tenants cover, then yes you can claim up to the limit stated in your policy schedule or in the policy wording.
Not all HMO insurances cover malicious damage, however, if this is an important requirement it may be possible to purchase this at an additional cost.
You can pay your HMO insurance through monthly direct debit payments or all pay annually
Yes, cover is available to most tenant types, however, there may be a variation in premium dependent on who the tenants are.
Amanda is an insurance adviser specialising in personal lines including landlords insurance, boat, motor, home and travel.
Kate has worked for Alan Boswell in the landlords and personal lines department since 2009, she began employment within the insurance industry in 2003.
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HMO insurance (house of multiple occupancies) is no different from standard property owners insurance in what cover is provided.