We are delighted that you have received our literature through the post: The good news is that researching the leaflet was not in vain; we will now guide you on why we are a good fit for your Student Let property needs, and additionally how we can also save you money on your annual insurance expenditure.
Goldcrest Insurance are HMO insurance specialists: we have been writing this class of business for over 20 years now and as such we have a dedicated team that look after all HMO related enquiries; so rather being passed from pillar to post like most other providers you can feel self-assured that you will be provided with a single file handler to steer you through the process.
We totally understand the needs of the student let landlord insurance and ensure we cover all areas so you are not left wide open to claim.
No Limit on the Number of Rooms
One of the unique benefits to our schemes for HMO student lets is that we have no cap on the number of let able rooms, meaning that if the property has 3 or 300 rooms, we can accommodate at no additional charge. In most cases, the few insurers that cover HMO properties tend to have either an 8 to 10 room limit, but we have the insurer appetite ability to go beyond these restrictions.
We have had several landlords move to us for not only premium saving, but also for this benefit. There have been countless cases where Student Let landlords have been sitting on an 8 bedroom – 10 bed-roomed HMO with the potential to increase/expand but there previous insurer would not allow the changes, theoretically not only did we save these landlords money but we also helped them earn more!
We can also accommodate rooms in which cooking is permitted,however the cooking must be in a designated area, where again this can cause problems with many other providers but not us!
All Tenant Type Acceptable
We appreciate that sometimes being an HMO landlord isn’t all fun and games and sometimes you have to take what tenant is available to you at the time. Some may have Students, some may have Professionals, or you may need to put DSS tenants in the property when terms over.
You may find problems with this when approaching other brokers, with the majority probably declining the risk straight away when you mention the property is let as a home of multiple occupation, others will be able to provide terms, but only if you’re housing working professionals, however should you get lucky and find a provider willing to provide terms, are you confident they’re asking the right questions in respect of tenancy? For example, should you have a DSS tenant is the tenant a DSS Referral, or a DSS Non-Referral, i.e. is the tenancy agreement between the landlord and the tenant or the landlord and local authority. If the latter, what is the purpose of the tenancy? Many insurers will not cover the latter, and should your broker work on an assumption basis this can lead to major problems for you, the landlord, at point of claim.
When insuring a student buy to let we often come across landlords who have a mixture of tenant types, so sometimes there are often mixtures of DSS, Students and even Working Professionals. The proficiency of our appetite knows no bounds, as we really can accommodate all tenant types; we even insure homeless tenants, domestic violence victims, rehabilitation tenants and more.
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We Use A-Rated Insurers
When insuring your property, you are insuring an asset of yours, an income provider – so ensuring that the company safeguarding this income stream is a competent one is paramount. Luckily we have built up HMO schemes with A-rated insurers. What this means to you, the consumer, is that not only are you dealing with an insurer equipped to cover your property, but it also gives you the confidence that this insurer has been given the highest rating by independent, third party rating agencies, on the basis of an insurance company’s ability to meet its obligations to policyholders and is derived by evaluating the financial strength, operating performance and market profile.
Claims under £2500 aimed to be settled within 48 hours. Claims over £2500 to be settled within 3 weeks
Exactly what it says on the tin, we have products in place specifically for HMO properties to ensure there is minimum time wasted at point of claim. The smaller claims, the insurer looks to settle these within 2 days, subject to receipt of written/formal estimation of works, and for the larger claims, subject to the claim not being subsidence/flood etc. claims are looked to be settled within 3 weeks.
Loss of Rent & Legal Cover available
Loss of rent is cover on all of our products, at 20% of the buildings sum insured; which entitles you to claim back any loss of income through that property should an insurable peril arise.
We also offer legal cover, very useful addition for HMO Landlords. This product can cover the cost of legal fees, cover for breach of tenancy agreements, pursuit of rent arrears, cover to evict tenant or anyone in the property and landlord defence cover against both civil & criminal proceedings.
Insuring one Property, a Portfolio or even Building a Portfolio
All the products we offer for Student let HMO properties give you the power to grow. Whether you insurer one property, a cluster of properties or perhaps you have just the one or a couple of properties but looking to grow your portfolio, all our policies allow you to do this under the one portfolio.
What this means is, should you purchase a property or properties during the course of the insurance, rather than setting up a brand new policy, you can just add it to your existing policy and only charged a pro rota additional premium.
This gives you ultimate convenience, giving you one policy, one renewal date and one annual premium.
