At HMOHub we’re at the centre of the HMO ecosystem we have access the whole market of HMO insurance providers from large to small HMOs, from bespoke to main stream insurance providers.
Getting the right HMO insurance is crucial and so we recommend all landlords to make sure they speak to a specialist HMO insurance provider before choosing an HMO insurance product.
Why are Houses in Multiple Occupation different for insurance purposes?
If your property is considered House in Multiple Occupancy or HMO, the terms of your insurance policy will be different to a single property. Subsequently you will likely need to register the address as an HMO. If you fail to do this your insurance cover may be jeopardised. Landlords should also beware of sublets, as the majority of insurers won’t cover this. This is therefore worth putting in your tenancy agreement so your tenants understand the implications should they have any plans to sublet.
What is HMO insurance?
HMO landlord insurance is insurance product for landlords who rent out houses in multiple occupation or HMOs. The insurance terms are slightly different to those of a non-HMO landlord insurance policy and you will need to register the property as an HMO with your local authority or council, in order to get a HMO insurance policy. Thereafter, it’s very similar to a standard landlord insurance policy and can cover property owners’ liability, risks to the building and risks posed by tenants.
How much is HMO insurance?
The cost of Landlord HMO insurance can vary considerably depending on the size of the building, number and of tenants, and more.
What is different about insurance for HMO properties?
The tenancy agreement on HMO insurance properties is different and due to the number of people inhabiting the property, the address must be registered as a HMO residence. HMO insurance presents a considerably higher risk as there are multiple occupants, it requires that the premises must be the occupant’s main place of residence or used by students during term time. A property cannot be protected if it is not being occupied.
And I don’t receive rent for a period of time, can I claim for this?
Loss of rent insurance for HMO landlords is not designed as a rent guarantee. What it will do, is cover periods during which rent cannot be collected due to an ongoing claim on your policy. If damage has occurred to the property due to an insured peril, like a fire, and your tenants cannot inhabit the building while repairs are carried out, we may be able to cover the you for the rent you would have earned during this time. This is up to the value stated on your individual policy so please check your policy wording and speak with the broker.
My tenant(s) maliciously damages my property; can I claim?
If one of your HMO tenants were to maliciously damage your property, you would need to have an additional cover in place to insure the damage. If malicious damage by tenants is something you are worried about, just ask your adviser for more information.
Can I pay in instalments?
To help you spread the cost of your premiums, most of our insurance providers offer a quick and easy direct debit scheme for spreading payment over ten or twelve months.
If you would like us to help you find the best value HMO insurance then you have 2 options.