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