There are approximately 497,000 Houses of Multiple Occupancy (or HMOs) across England and Wales, many owned by private landlords. Of course, there are benefits to owning an HMO, including increased rents across one property. However, there are risks too; more tenants could mean more damage to a property, for example. To protect themselves from these risks, landlords need good multiple occupancy insurance.
What Is A House Of Multiple Occupancy?
Not all landlords are clear on just what an HMO is. In general, an HMO is a property that is home to three or more unrelated tenants. This can include a house-share, bedsits or flats. There can be separate facilities in each flat or communal areas such as kitchens and bathrooms.
What Should Multiple Occupancy Insurance Include?
While some of the risks associated with any rental property are the same when it comes to HMOs, there are differences too. If, for example, there is a shared kitchen in a building converted to bedsits (versus letting people cook in their rooms), there is a lower risk of fire. In general, however, multiple occupancy insurance will cover:
- The building itself including structural damage (either accidental or intentional).
- Contents, which is especially important if the landlord provides white goods or furnishings; this includes accidental damage and theft.
- Malicious damage, caused by tenants or others (visitors, for example).
- Loss of rent, whether through rent arrears or a room/flat being unlet.
- Liability against accidental injury to a tenant or visitor; this includes legal expenses.
Finding The Right Insurance For You
Multiple Occupancy insurance can be complicated. As a result, it isn’t always easy to find. This is where Just Quote Me comes in. They’re experts in specialist insurance that helps landlords protect themselves and their property at a price that works for them. Click here to fill out the Quick Quote Form or call the team on 0800 084 2325 to find out more and get a free insurance quote today.