It is all the more common now for property owners and landlords alike to convert and let their property as a HMO. Depending on which governing body or authority you associate with, HMO stands for Houses in Multiple Occupation or Houses of Multiple Occupancy – the terminology given to properties which are occupied by three or more people who do not live as a single household (such as people in a family relationship) and where they share one or more basic amenities, such as a bathroom, toilet, or cooking facilities.
The HMO insurance has become an increasingly niche product of ours to which even many other competitors source their HMO insurance needs via us.
Whether your house of multiple occupations has 2 rooms, 5 rooms, 6 rooms or even 20 rooms (!) we have no problem insuring your property. A common inquiry we receive for houses of multiple occupancy are redevelopments of existing dwellings to become a HMO let – an example of this is an inquiry we received (and now insure) at the beginning of the year which was a 48 bedroom hotel which had been converted in to a HMO rental property, so as you can see our scope is varied with the types of HMO we can cater for.
The main exclusion that the insurers we deal with and we will impose is that cooking within the rooms is forbidden! All cooking must be carried out in a designated shared kitchen area, but that aside our providers are very tolerable with these properties.
If are an owner of a house of multiple occupation and are struggling to obtain a valid insurance policy for your property, you’re on the right website. At Goldcrest we have a 95% conversion rate for all HMO inquiries, and a 97% renewal retention rate with all existing policies; so if you’re in need of HMO property insurance, then you needn’t look any further.
