Student & HMO (House With Multiple Occupancy) Insurance For Landlords

28th June 2017. By Hayley Connolly


The risks involved to the insurer are often no more than the risks involved with a single tenancy agreement to a single tenant - but despite this, you will often find Insurance quotations unaffordable as loading the premium gives the insurer a safety net against claims.


The obvious concerns to Insurers providing HMO Insurance in Oxford, Cambridge, Manchester and throughout all of the UK is as follows:


* No single tenant is ultimately responsible for communal area's such as hallways and kitchens - so general maintenance of the property can deteriorate.


* Students often share their accommodation with friends and all too often the Landlord is unaware of exactly who is staying at the property.


* Students have a reputation rightly or wrongly, of causing more damage to property, than single tenancy letting.


When you buy HMO Insurance, particularly for Student Lets, you should adopt a belt and braces approach to protect yourself against these obvious pitfalls. Your investment in a larger HMO suitable property will bring in a higher financial return, but its crucial you invest some of this financial gain in a quality policy.


Generally, Accidental Damage never used to be available for landlords if we look back to around 2000, however over the recent years Insurers have developed Landlords Insurance and now offer Accidental Damage as an option, and often Malicious Damage also. Of course you will pay extra premium for this but it is worth every penny and closes up the loop holes that Insurers use to deny damage claims.


Landlords Legal Liability is also a crucial element of a policy that you should expect to see as standard on any comprehensive Insurance policy, and it's this element of the policy that will protect the landlord in the event someone gets injured or suffers losses as a result of negligence or an insured event - this includes guests and visitors to the house which protects against students unofficially sharing their accommodation with fellow students!


It can be argued that these risks apply to all Buy to Let properties, but with Student Lets the industry hasn't quite accepted them as 'standard' business yet, and the only protection mechanism that they have is to load the premium.


Ideally landlords should look to insure their HMO with an insurer who specialises in this type of let and has specific policies to suit students - the more a HMO Insurance Provider invests in the market of student letting, the more they begin to understand it. The more student policies an Insurance provider sells, the more claim information they build up - which in turn can control the premium as the insurer is simply more informed and can assess the risks specifically and not generally.


At Homeshield Insurance we understand the Buy To Let market well, and understanding and Insuring the HMO sector is a huge part of our business, something we are good at and pride ourselves on.


Our HMO Insurance for properties in Manchester, Oxford, Cambridge and throughout the UK, includes many Features and Benefits which protect a Landlords Property specifically when let to Students. We can Include Accidental Damage caused by a tenant; we can also include Malicious Damage caused by tenants which lots of Landlords fine reassuring.


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