Many property owners these days look to maximise the income from their property, and one effective way to do this is turning the property into a HMO (Home of multiple occupancy/occupation) – the method is simple, divide the property into rooms to which you let out to tenants, and make facilities such as kitchens and bathrooms communal.
Houses in Multiple Occupations are great for landlords as there is more than one stream of income coming from the property and depending on the property size and regulations the returns can be very fruitful.
Aside from the additional maintenance responsibilities to a standard let, the added problem landlord’s will face is insuring a HMO property.
You wouldn’t think it but the majority of insurers will not insure a HMO property, purely because the additional tenants and you won’t find this out until the very last stage of the quotation.
A common scenario landlords can expect, before they contact Goldcrest, usually results in contacting a rival insurance provider, spend 20 minutes or so running through the relevant details (including mentioning the fact the property is a HMO) then when it comes to the quotation stage, the provider informs you that they do not cover HMO properties.
How do we know this? Well a majority of landlords that do not come to us straight away for their HMO needs regales us in such tales.
At Goldcrest, we specialise in insuring HMO properties, whether they be 2 bed-roomed properties or 20 bed-roomed properties or more, we can cover it.
Don’t waste your time going to anybody else, come to the HMO insurance specialists, come to Goldcrest.
