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If you’ve ever rented out a property, you’ll know that no two tenancies are the same, but managing an HMO (house in multiple occupation) is a world of its own.
In a standard let, things are fairly simple. There’s one tenancy agreement, one set of responsibilities, and the people in the property usually behave in quite predictable ways.
In an HMO, none of that applies. With several independent adults living under one roof, cooking at different times, and coming and going at different times, things get far riskier.
More people = more responsibility
In an HMO, you often have strangers living side by side. In addition to communal kitchens and bathrooms being used more often, there’s a greater chance of disagreements, accidental damage and maintenance issues compared to a standard let.
On top of that, the safety requirements are much stricter. Fire doors, smoke alarms, escape routes, and electrics all have a higher safety threshold to meet in HMOs.
It’s not that a standard landlord insurance policy is bad or ineffective. It’s simply that it’s built for an entirely different category of property.
A standard landlord policy might not be enough
If your insurer has reason to believe your properly isn’t properly insured – for instance, if you have standard landlord cover for an HMO – claims can become complicated.
That’s because standard landlord insurance simply won’t cover communal areas, multiple separate tenancy agreements, higher liability, and HMO licensing issues.
Landlords who have standard cover when they need HMO insurance don’t get it wrong on purpose. Many landlords just don’t realise that their property counts as an HMO.
But if you’re running an HMO, a standard landlord policy simply isn’t enough.
Why specialist advice makes a real difference
Just because two properties are both HMOs, that doesn’t mean they’re the same. A four-bed student house will have a totally different risk profile to an eight-bed professional let, and an insurer would evaluate these two properties very differently.
That’s where specialist advice comes in. A broker who understands HMOs can help you to properly understand your property’s risks, make sure you’re not accidentally underinsured, and help you secure the right liability cover.
Your broker will look at:
- How many tenants live there
- The size and layout of the home
- Whether the tenants are professionals, students or mixed
- How many HMOs you manage
By evaluating all this information, your broker can arrange a policy you can trust.
How EIC supports landlords and property investors
At EIC, we work closely with landlords across Hertfordshire to make sure their insurance is a good fit.
We know that running an HMO comes with its challenges. With us, you don’t need to guess the level of cover you need or try to demystify complex insurance jargon. We handle all of it for you, giving you the confidence you need to manage your HMO.
Need advice on your HMO insurance?
If you own or manage an HMO in Hertfordshire, our team can help you find the right cover for your property. For specialist, straightforward advice, get in touch with EIC on 01442 286910 orinfo@eicinsurance.co.uk.