What Is HMO Insurance?
HMO Insurance is specialist landlord insurance for house-in-multiple occupation properties. Whereas standard buy-to-let policies will only provide cover for property let under a single Assured shorthold Tenancy (AST) agreement, bespoke HMO cover caters for multiple tenancy agreements for licensed HMO properties.
Do I Need HMO Insurance?
In England and Wales a house-in-multiple occupation is generally defined as a property rented to at least 3 people who are not from a single household (family), but share facilities such as a kitchen or bathroom.
If your local authority has deemed the property your wish to rent out as an HMO, you will need to acquire the relevant licence and also purchase specialist HMO Insurance cover.
Compare House-in-Multiple Occupation Insurance
Insync arranges cover for 100’s of landlords renting HMO properties throughout the UK. We understand the licensing process and the unique insurance requirements when letting to multiple tenants. We have access to 5+ specialist HMO insurers allowing our dedicated property advisors to compare cover and prices to help you find the right cover at the right price.
HMO Property Extended Covers
As with any property policy the core cover under an HMO policy is buildings. However we have the ability to include additional extended cover to meet your specific requirements. Loss of rent makes provision for lost income following an insured claim, whilst alternative accommodation cover will the cost of rehousing tenants should the property be deemed uninhabitable following a loss. Other popular extensions are property owners liability and legal expenses. Depending on the location, you may also choose to include terrorism cover.