HMO Insurance
HMO Landlord Insurance Backed By ‘Exceptional’ Service
Want to save money on your HMO insurance? Let the landlord insurance specialists at Coversure Hull compare our markets to find you the HMO landlord insurance that’s right for you. Whether you need contents or HMO buildings insurance or a mixture of the two, call us today on 0800 977 6037 and let our award-winning team help you get the HMO property insurance protection you need.
HMO insurance backed by ‘Exceptional’ service
Our award-winning team is rated as ‘Exceptional’ by feefo and with over 50 years of HMO landlord insurance experience, you can rest assured you’re in safe hands. Being independent we can put your needs first, and we’ll compare the market to find you great cover for a great value premium. To find out more, call us free on 0800 977 6037 or start your HMO insurance quote today.
What is HMO insurance?
HMO insurance, HMO landlord insurance or HMO property insurance as it’s also known, is an important cover that offers landlords with houses in multiple occupation (HMO) the protection they need. Running an HMO involves following certain rules such as providing space for tenants, installing sufficient facilities - particularly enough bathrooms - and ensuring safety measures such as smoke detectors and fire doors are in place. HMO landlords therefore face specific risks that may not be covered by a standard landlord insurance policy, risks such as:
- Higher tenant turnover
- A greater chance of buildings or contents insurance claims
- Increased landlord’s liability issues
- Increased chances of loss of rent
What types of HMO landlord insurance are there?
In common with conventional landlord insurance, there are two types of HMO landlord insurance:
- HMO buildings insurance – this protects your building but unlike landlord’s buildings insurance you have the option to cover specific HMO landlord risks posed by your tenants. These options include things like accidental damage and malicious damage
- HMO contents insurance – while your tenants’ contents will need to be insured by your tenants, contents found in communal areas, kitchens and hallways can be insured against loss or damage
What does HMO insurance cover?
As well as protecting your property and its contents, HMO landlord insurance can offer these important covers:
- Landlord’s liability insurance – offers you financial protection should someone – a tenant or a visitor – be injured or have their property damaged while on your property. A wide-ranging policy, it can cover everything from the costs of defending the case to compensation claims, medical bills and loss of income. Having an HMO and multiple tenants often increases the risk of a liability claim as there are more people at risk, so having landlord’s liability insurance as part of your HMO insurance is seen as a key cover
- Loss of rent insurance - loss of rent insurance can help when your tenants must move out due to your property becoming uninhabitable following an insured event such as a fire. It can also help with the cost of alternative accommodation for your tenants
- Rent guarantee insurance - covers your rental income if your tenants are unable or unwilling to pay their rent. Even the most reliable tenants can experience financial difficulties, and the often-transitory nature of HMO tenants puts HMO landlords at particular risk of losing out on rental payments. It can cover lost rental for up to 12 months (monthly limits will usually apply), landlord legal expenses should you need to apply for an eviction order, and often a legal advice helpline. As it can take up to six months to evict a tenant, this is a cover that’s well worth taking out
- Replacement locks and keys insurance - replacement locks and keys insurance protects you if keys are lost or stolen. It covers the cost associated with replacing locks and keys to keep your property secure
How much does HMO landlord insurance cost?
At Coversure Hull we don’t believe in one-size-fits-all solutions for our clients. Instead, we’ll get to know your needs and create a package of cover that fits your requirements. What we can say is that your HMO landlord insurance quote will depend on things like:
- How many tenants do you have
- What type of tenants do you have, e.g. students, asylum seekers, local authority tenants
- How many properties do you have
- Your property’s postcode
- The policy limits you want to set
- Whether you want buildings insurance, contents insurance or a combination of the two
- Which policy extensions, e.g. rent guarantee insurance, do you wish to add
- The cost of rebuilding the property
- Your claims history
If you’d like to know how much an HMO insurance policy will cost you, please get in touch. You can call us on 0800 977 6037 or start your HMO insurance quote today.
How to get cheaper HMO landlord insurance
The easiest way to get cheaper HMO insurance is to use a specialist independent insurance broker such as Coversure Hull. With our knowledge of this niche market and insurer relationships, we can help you get cheaper HMO landlord insurance quotes. Other ways include:
- Raising your excess, the amount you pay in the event of a claim
- Choosing lower-risk tenant types – students, for example, are often seen as riskier
- Insuring multiple HMOs on one policy if you can on a multi-property landlord insurance policy
- Maintaining your property to reduce the risk of liability claims
- Reducing the number of policy add-ons such as keys insurance
- Choosing lower policy limits, if possible
HMO landlord insurance FAQ
HMO landlord insurance is a complex area of cover and it’s important to get it right. To help you get the protection that’s right for you, here are our frequently asked questions about HMO insurance. We hope they will prove helpful, but if you’d like to get some independent advice, then please call us free on 0800 977 6037. Our team of insurance specialists will be happy to talk you through the options to ensure you get the protection that’s right for your HMO.
Q. Is HMO insurance a legal requirement?
A. No, but given the number of risks it can cover on one policy it’s well worth taking out
Q. Can I insure an HMO with landlord insurance?
A.No, most insurers won’t offer standard landlord insurance for an HMO as the risks of things like loss of rent, damage, and landlord liability risks are higher
Q. How much landlord public liability insurance do I need?
A. That will depend on the type of property you have, the type and number of tenants, and other factors such as its location and if your local authority specifies a limit. The best way to get the correct policy limits for your rental property is to get some independent advice. If you have a specific property in mind, please then please get in touch by calling us free on 0800 977 6037
Q. Does HMO property insurance cover malicious damage?
A.It can, but it’s not always included in the policy. It is something we can easily arrange for you though
Q. How much does HMO property insurance cost?
A. That will depend on things such as:
- How many tenants do you have
- What type of tenants do you have, e.g. students, asylum seekers, local authority tenants
- Your property’s postcode
- Whether you want buildings insurance, contents insurance or a combination of the two
- Which policy extensions, e.g. rent guarantee insurance, do you wish to add
- Your claims history
Q. How can I get an HMO landlord insurance quote?
A. Getting a quote is easy. You can start your HMO insurance quote here or call us on 0800 977 6037
Get an HMO property insurance quote today
If you'd like some HMO landlord insurance help or a HMO property insurance quote call us on 0800 977 6037. We can give you all the advice you need and can compare our markets to find you the cover you require.
