HMO insurance is very different from landlords insurance. The risks involved are significantly higher and it is essential to seek expert advice.
Comprehensive insurance covering additional risks of an HMO
Independent advice to help you understand your legal obligations for an HMO
Specialist insurance cover
Competitive premiums
The Alan Boswell Group Difference
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.
All risks Some insurers will cover 'all risks' material loss or damage to buildings and/or contents.
Students and Housing Benefit tenants The ability to include occupation by students and Housing Benefit tenants at no extra charge.
Costs covered Cover for costs of rehousing a tenant(s) following insured damage to the property.
Loss of rent Loss of rent cover following insured damage to the property.
Property Owners' Liability Property Owners' Liability cover up to £5,000,000.
Employers' Liability Employers' Liability cover up to £10,000,000 for cleaners, gardeners, caretakers, and persons doing minor maintenance and repairs.
90 days' full cover Up to 90 days' full cover between lets for unoccupied properties
FAQs
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:
Annual gas safety checks
Electric checks every 5 years
Proper safety measures in place
Ensure property is not overcrowded
Adequate cooking and cleaning facilities
Property is in a good state of repair
Yes, in some instances we can provide cover for these circumstances.
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There are about 150 separate laws in place to protect landlords and tenants. Under the sheer weight of regulations and responsibilities placed on landlords, it would be easy for something to be overlooked.
