Insurance for houses in multiple occupation … HMO Insurance … Students… DSS tenants .. Homeless …. Unoccupied whilst building works take place … Mixture so tenant type … Shared facilities … Designated cooking areas ….
Now does this read well for insurers! Are insurers going to look at the make up above and think, Great risks. This will run well let’s quote !
Totally the opposite. There are not many insurers on the market who want to quote for HMO insurance. In fact many insurers or brokers you approach for HMO insurance will decline or come back with a whopping premium where the policy is not even bespoke to the landlords need for an HMO policy!
So this is where Goldcrest can help. We have been specialising in HMO insurance for over 10 years. We cover all councils and all areas which means it doesn’t matter where you are we can still insure you.
Some areas are higher risk areas than others due to crime rate, subsidence areas , acts of arson , flooding etc.
There are other HMO risks at the moment. This is where the landlords are giving their houses to estate agents or property management companies and they are stating that they will then guarantee the landlords rent.
OK this sounds great .. but what happens when the agent starts letting the house as an HMO Property without an HMO licence !!! They not only invalidates your insurance but also will incur a huge fine from the council!! So when sub letting, be very cautious as to exactly what purpose the property is being let for and also what tenant types shall be residing in the property.
HMO insurance is never straight forward and there can be no short cut when taking out a policy. Its not also as expensive as you think to get HMO insurance, so make sure you speak to one of us here at Goldcrest and we will insure your HMO is insured properly!!!!
