Do you let your property on more than one tenancy agreement, and finding it hard to get the relevant/competitive insurance policy?
A lot of the time when you look for let property insurance, if you let your property to more than one tenancy agreement, you have to go out of your way to advise the relevant insurer, rather than being asked as part of protocol, which is where the complications arise.
Your standard insurer usually will only cover standard, 1 tenancy, let properties, so when you advise that the property falls outside this criteria, you’re either faced with a “no quote” or a huge hike in premium, and many comparison markets do not even have the facility advise of the multi-tenants. Just because you’ve chosen a tenant type on the online portal, all that indicates to the insurer is that it is let to one family, the applicable tenant.
So whether you have a HMO property, multi-tenant let or block of flats make sure you’re insuring this with a market specialist who understands your requirements.
No matter the tenant type, not matter the property, we insure multi tenanted properties up and down the country on a daily basis. From a standard 4 bed student accommodation to a 40 bed room hotel converted to a HMO property let to DSS or professionals, we have the markets for all your needs.
Competitive in the Market
Given our heavy involvement in the area of let property, we know the market well and know our rates are extremely competitive.
A prime example being; a member of our HMO team received an enquiry for an 11 bedroom Victorian house, which was let to a local authority on a HMO basis, (tenancy agreement not between the landlord and tenant) to which housed the homeless and recovering alcoholics and drug addicts. Now you’d be faced with an impossible task attempting to insure this property on the comparison markets, given the specific area of tenants, as these would normally conflict with their insurer’s regular endorsements.
We tendered our regular markets, and obtained a quotation of £970, which we knew was an extremely competitive quotation, even we were surprised with how cheap we managed to get terms for, but such is our relationship with insurers – anyhow, we provided terms to the client.
After chatting to the client about our quotation, they advised that they had obtained a cheaper quotation on a comparison market of around £600. In good faith we advised the client, that it would almost be impossible to obtain a quotation at this premium, so we asked to be sent a copy of said, just to see if all details were correct, and simply just to ensure they were obtaining the appropriate insurance for their HMO property. Upon receipt of the quotation, we noticed several flaws in the presentation they supplied, the major being the tenant type selected. When the client re run the quotation through as “let to local authority” the quotation rose from £600 to £1700 – and even still in order to be 100% covered, we would have still advised to elaborate on the tenant type to the insurer for the £1700 rate to be sufficient to the client’s needs.
For HMO insurance requirements or multi tenancy let property requirements, you needn’t look any further.
