HMO Landlord Insurance: The Cover You Need
Five policies to protect a house in multiple occupation.
HMOs — let to three or more unrelated tenants — are among the most profitable buy-to-lets, but letting to several tenants at once brings more liability. The right insurance protects you and them. Here are five policies to consider.
Building insurance
Covers the cost of repairing structural damage — fire, flooding, weather and the like. Accidental or malicious tenant damage can sometimes be added, usually at extra cost.
Loss of rent
Some policies cover rent you lose when a tenant has to move out after a disaster such as a fire or flood. It’s usually an add-on you choose with your policy.
Public liability
A key part of most landlord policies: if a third party is injured at your property — a trip on loose flooring, say — this covers legal fees and compensation.
Contents insurance
Covers the furniture, appliances and other items you provide against theft or accidental damage. Tenants insure their own belongings separately.
Eviction insurance
Some policies cover the legal costs of evicting a tenant, if it ever comes to that.
Shop around and get quotes from several insurers — the aim is the best deal that still covers everything you need.
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