Articles in Category: House-in-Multiple Occupation (HMO)

HMO Insurance - Do I Need Alternative Accommodation Cover?

HMO Insurance - Do I Need Alternative Accommodation Cover?

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.

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

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

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.

HMO Landlords Tips - How To Collect Rent Payments Safely

HMO Landlords Tips - How To Collect Rent Payments Safely

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.

Let Property Owners & Landlords - Know Your Legal Responsibilities

Let Property Owners & Landlords - Know Your Legal Responsibilities

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.

HMO Insurance vs. Home Insurance - Spot The Difference

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.

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

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

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. 

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

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

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.

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

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

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.

Landlord Insurance Explained - Do I need HMO Insurance?

Landlord Insurance Explained - Do I need HMO Insurance?

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.