What does HMO landlord insurance cover?
If your property is deemed an HMO, the terms of your insurance policy will be different to a single property and you will need to register the address as an HMO. If you don’t do this your cover may be jeopardised your HMO insurance cover. Beware of sublets too, the majority of insurers won’t cover this, so it’s worth keeping in touch with your tenants so that they communicate any plans to sublet, with you.
We provide a range of buildings cover to protect against a number of risks, including but not limited to: escape of water, fire and storm damage. Risks posed by tenants, such as accidental and malicious damage can also be covered at an additional premium.
The contents you provide within the building can also be included. Communal areas such as hallways, receptions and shared living spaces may have furnishings provided by you. Just tot up the replacement cost of the items and include this in your HMO insurance quote. Your tenants’ contents will need to be protected on their own tenants' insurance policy so you won’t need to worry about their items.
If you have more than one HMO building, or other properties you rent out, it may be cheaper to insure them on one policy. Not only might you save money, but you will only have one insurance provider to deal with and just one renewal date. You can read more about this on our Multi-Landlord Insurance page.
When you need to make a claim, we’ll guide you through the process and help get your claim settled as quickly as possible.
Generally, claims are ultimately settled by the insurer who administrates your policy. However, we will always be here to answer any questions you may have and help explain anything you may find to be complicated.
All you need to do to get the ball rolling is email us with; your policy number, a phone number to reach you on, details of your claim and photos where possible and relevant.
The claims team are available Mon - Thu 8:30am - 6.00pm, Fri - 8:30am - 5.30pm
Read more about different types of landlord insurance:
Landlords already have so many costs to manage without worrying about additional fees from letting agents. In this article, we look at five ways that landlords can avoid things like tenancy renewal fees and save a little extra money.
Increased costs, loss of income when a property is empty, higher risk of claims on your landlord insurance and general property turnover are all things landlords want to avoid. This means that trustworthy tenants who pay on time and stay longer are something of an asset. We look at the business case for landlords attracting and keeping hold of good tenants.
Commercial property or commercial landlord insurance is protection for property owners who are letting out to 3rd parties for commercial use. Your tenant is the business, organisation or group who has a rental agreement in place legally allowing them to inhabit your property. It is this agreement that defines you as a landlord and which qualifies you for such a policy.
HMO landlord insurance is insurance for landlords who rent houses in multiple occupation. Terms are slightly different to those of a regular landlord insurance policy and you will need to register the property as an HMO in order to get a HMO insurance policy. Thereafter, it’s very similar to a standard landlord insurance policy and can cover property owners' liability, risks to the building and risks posed by tenants.
The cost of Landlord HMO insurance can vary considerably depending on the size of the building, number and of tenants, and more. Experienced landlords, like those who offer DSS property rental are likely to get a discount on Towergate policies and equally, if you have multiple properties, like a block of flats, we will usually be able to get you a better deal. Speak to the team to find out how we can help.
The lease on HMO insurance properties is different and due to the number of people inhabiting the property, the address must be registered as a HMO residence. HMO insurance presents a considerably higher risk as there are multiple occupants, it requires that the premises must be the occupant’s main place of residence or used by students during term time. A property cannot be protected if it is not being occupied.
Loss of rent insurance for HMO landlords is not designed as a rent guarantee. What it will do, is cover periods during which rent cannot be collected due to an ongoing claim on your policy. If damage has occurred to the property due to an insured peril, like a fire, and your tenants cannot inhabit the building while repairs are carried out, we may be able to cover the you for the rent you would have earned during this time. This is up to the value stated on your individual policy so please check your policy wording and speak with the team.
If one of your HMO tenants were to maliciously damage your property, you would need to have an additional cover in place to insure the damage. If malicious damage by tenants is something you are worried about, just ask your adviser for more information.
If you would prefer to spread the cost of your policy you have the option of setting up a Direct Debit to pay your premium in equal monthly instalments through our preferred provider, Premium Credit Limited (PCL)
To find out more about PCL and direct debit payments, select Direct Debit.
To understand more about how PCL work together with Towergate, please read our Regulatory Information
If you want to know more about our monthly payment option, please read our dedicated page on Direct Debit.
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