House-in-Multiple Occupation (HMO)

10 May 2015

HMO Insurance - Do I Need Alternative Accommodation Cover?

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO)

The continued growth and popularity of House in Multiple Occupation (HMO) properties across the UK continues to assist in meeting the demand for affordable accommodation as well as providing increased rental yields for Landlords.

However, it is important that Landlords and Property Owners are fully aware of the potential increased risk exposures by ensuring that your Landlord Insurance policy provides adequate protection.

28 April 2015

HMO Landlord Insurance Tips - How To Prevent Legionnaires Disease

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO)

Legionnaires’ disease is a form of walking pneumonia which is caused by legionella bacteria commonly found in the built-in water systems of houses, flats, office buildings and hospitals.

The impact on those infected can be severe, causing death in up to 30% of cases, rising to 50% if the disease is untreated.  

11 February 2015

What Type of Business Insurance Do I Need As a Letting Agent?

Written by Jon Norman, Posted in Block of Flats, Unoccupied Property, Business, House-in-Multiple Occupation (HMO), Landlords, Property

If you’re thinking of joining over 25,000 current Estate & Letting Agents across the UK by setting up your business then you’ll no doubt have spent months meticulously planning and preparing for launch. 

From location to web portals, to marketing and back office systems, there is a huge amount to consider – however one key area which is often overlooked until the last minute is Business Insurance.  This might not be the most exciting subject, but without the correct protection, you could leave your new business exposed to financial ruin.

21 January 2015

Why is HMO Insurance So Difficult To Obtain?

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO)

Even the most experienced Landlords are often surprised by the Insurance markets' lack of appetite for House of Multiple Occupancy risks and buying HMO Insurance can quickly become a painful process as insurer after insurer declines to offer cover.  But why are HMO Landlords being singled out as the black sheep of the lettings market?

29 December 2014

HMO Landlords Tips - How To Collect Rent Payments Safely

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO)

All property owners need an effective system for collecting rent payments from their tenants.  This is particularly important for HMO Landlords due to the multiple number of tenancy agreements in place.   Similarly, if you own or purchase additional rental properties you can suffer considerable cashflow issues without a robust and consistent flow of rent payments.

21 December 2014

HMO Landlords - Buy-To-Let Insurance or Specialist HMO Insurance?

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO)

A lack of affordable accommodation has seen huge demand for Houses of Multiple Occupancy (HMO) across the UK with Local Authorities often keen to assist experienced Landlords in branching into this potentially lucrative area of the property investment market, with typical rental returns in excess of 15% per annum.

However, whilst yields can be strong, the complex licensing process and other specialist requirements such as HMO Insurance can be very confusing, which is why it is so important for Landlords to do their homework.

16 October 2014

Let Property Owners & Landlords - Know Your Legal Responsibilities

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO)

As a residential landlord, you have a variety of legal responsibilities. Your responsibilities include keeping rental properties safe and free from hazards, ensuring all supplied gas and electrical equipment is properly installed and maintained, complying with fire safety regulations, providing an Energy Performance Certificate and protecting tenants’ deposits.

11 October 2014

Landlord Insurance - Are You Aware of Your Winter Weather Liabilities?

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO)

The winter months bring more than just cold weather and shorter days; they bring the possibility for winter storms that may result in a snow- and ice-covered landscape. While it may be a winter wonderland for some, as a property manager or landlord, snow and ice build-up poses a hazard with the potential for costly liability, which can lead to long term increases in your Landlord Insurance.

Depending on the circumstances of the lease/tenancy agreement, a property manager or landlord possibly could be held responsible for the side effects of winter. To avoid winter injuries, it is important to know the terms of the lease/tenancy agreement and that both the property manager/landlord and tenants are vigilant in snow and ice removal efforts.

31 July 2014

HMO Insurance vs. Home Insurance - Spot The Difference

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO)

A common question we’re asked by Landlords is “What is the difference between Home Insurance and HMO Insurance? ”.  Whilst the basis of any property insurance is similar in that it is protecting your home or investment against fire, flood, theft etc., some of the intricacies and the specialist nature of a House of Multiple Occupation risk means that some aspects of cover are very different.

03 July 2014

Landlord Insurance Explained - Do I need HMO Insurance?

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO)

As if Insurance is not complicated enough, when you combine that with the world of local authority licensing, HMO Insurance can feel like a cocktail of abbreviations and small print!

One of the most common questions we’re asked by our property owning clients is “Do I need specialist HMO Insurance?”  In fact, before you can answer that, you really need to understand whether the property itself is classed as an HMO and requires local authority licencing.

28 May 2014

HMO Insurance - Our top 5 claims for Houses in Multiple Occupation

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO), Landlords

If you own or manage a House in Multiple Occupation (HMO) you will be aware of just how difficult it can be to find HMO Insurance.

As a Landlord insurance broker specialising in multiple occupancy properties, we are often asked why mainstream insurers are so reticent to cover HMO's, in truth, the answer is, that they simply present more risk of claim.  However, by understanding the potential problems and minimising risk it is possible to significantly reduce claims volumes and in turn reduce your premium. 

08 April 2014

Key facts every Landlord NEEDS to know about licencing & HMO Insurance

Written by Jon Norman, Posted in House-in-Multiple Occupation (HMO), Landlords

The key ingredients every landlord or would be property investor needs to know about House in Multiple Occupation – Licencing and HMO Landlord Insurance