Insuring an HMO property is one of many procedures an HMO landlord has to do in order to get there property up and running.
Once you have converted all the rooms inside your HMO to regulation, the next step is to get your license. This doesn’t arrive free of charge, you have to approach your local council and pay for a license. There is a fee and the on top there is a fixed fee for each habitable room inside your HMO, which does not include your kitchen or bathroom or toilet or rooms that are too small i.e. utility rooms to be deemed habitable.
HMO licenses are not just given out to anyone. The candidate has to be fit for purpose and all checks into their previous history gets carried out by the council concerned.
Mandatory HMO conditions are:
- Gas safety certificates must be in place
- All electrical appliances which are supplied as part of the HMO tenancy agreement must be in good condition.
- Any furniture supplied must be in safe condition
- Smoke alarms must be fitted and must be in working order. The council must be made aware of the condition and positions of these smoke alarms.
- All tenants must have a tenancy agreement.
- The property must comply to regulations set by the government that is current and future.
- HMO anti-social behaviour is handled along the guidelines set out in the tenancy agreement.
- Maintenance reports should be handed to your council yearly for emergency lighting fire detection and alarm systems.
These are just some of the to-do lists that an HMO landlord has to get in place. To be totally thorough there is a company called HMO safe who will make sure nothing is left unturned in their quest to make your property water tight. If it’s not there are penalties for landlords who manage the properties, this can start from £20,000, so it pays to make sure all is thoroughly checked from the start.
Once this is all done and you are ready to go with your new tenants in place, then you can contact Goldcrest for your HMO Insurance. We will guide you as to what policy is best and what you should be disclosing by thorough questions and will then place you with one of our A rated insurers who we feel suits your needs the best. Managing your home of multiple occupancy should be straight forward with the right team around you guiding you in the right direction. We look forward to hearing from you.
