HMO properties are becoming extremely popular in modern times given the opportunity to increase the monthly income from one property – however this prudence is not well received by many main stream insurers, therefore the arrangement of insurance for these types of properties can be costly and time consuming.
When acquiring Buildings insurance for your HMO property it’s key to go to use a provider that is well rehearsed in the arrangement of such non-standard property set ups – luckily the team at Goldcrest have been setting up insurance for properties that fall outside the “norm” for the best part of a decade.
HMO has become a forte of ours, and as such we have established relationships with insurers that provide quotations for such properties in line with what you would expect to pay on a standard single let.
We have an agency with a multi-national insurer that provide us with extremely competitive premiums on HMO let properties with extensive policy coverage: we the key benefit being that any claims under £5,000, subject to receiving an estimate, are looked to be settled within 48 hours, and claims over this amount to be settled within 3 weeks – excluding Flood and subsidence claims.
Not only can we offer extremely competitive premiums and comprehensive coverage for your HMO properties, but we can also provide flexibility – which for landlords can be invaluable.
All of the products we provide have the facility to add properties to the existing policy which gives you the opportunity to build yourself a portfolio policy, which gives you ease of having one policy, one premium, one renewal date.
We also have the insurer appetite to accommodate all tenant types, so for your immediate quotations we can place Professionals, Students, DSS, Asylum Seekers etc. but for the more niche/non-standard tenants (such as sublets, housing of homeless, domestic violence victims) they require a bespoke underwriting approach but we still have various providers ready to provide terms.
Finally! In addition to the aforementioned, we can also accommodate all property types, such as hotels and care homes converted into a large HMO.
Consider Goldcrest Insurance your one stop shop for HMO buildings insurance.
