HMO & Student Landlord Insurance
HMO Landlord insurance & Student Landlord Insurance for purpose-built or conversions. Cover available for tenants including student, DSS & local authority lets
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What is HMO Insurance?
HMO Insurance is specialist landlord insurance for house-in-multiple occupation properties. Whereas standard buy-to-let policies will only provide cover for property let under a single Assured shorthold Tenancy (AST) agreement, bespoke HMO cover caters for multiple tenancy agreements for licensed HMO properties.
Block of flats insurance – What do I need?
Building Insurance for Blocks of Flats doesn’t have to be as complicated as it sounds. As for many owning a residential rental property or block of flats can be both personally and financially rewarding.
Block of flats insurance is designed for landlords who own and rent out entire blocks. They can host residential or commercial tenants and consist and insurance can cover both risks associated with the property and tenants.
The core protection for flat insurance is cover for the building itself. Policies are based on the rebuilding sum insured to reinstate the block to its current condition following an insured loss such as a fire or flood.
Typically building insurance for blocks of flats are arranged on an “All Risks” basis meaning that insurance is provided for any loss which is not specifically excluded.
Cover can also be extended to cover legal liabilities such as property owners liability and employers liability as well as “trace and access” and “emergency services access” indemnity.
how much does block of flats insurance cost?
As property insurance experts, Insync has selected a panel of the UK’s leading flat insurers. You can compare cover and prices online in a matter of minutes, building a tailored package to meet your specific requirements. Where Managing Agents control multiple properties, insurers may allow a discount from their standard rating.
Additional covers such as legal expenses are usually optional and can be included subject to payment of an additional premium.
Each block policy is individually rated by the insurers based on the required rebuilding sum insured, the location of the block (post-code), construction and any claims history.
Alternatively, why not book a free review with one of our property insurance advisors who can assist you in finding the right level of cover at the right price for your budget.
How much should I insure my block of flats for?
The cost of completely rebuilding a block of flats can be considerable, particularly for older properties or conversions which can often be use more complex building methods.
Whilst existing policies will usually be index-linked to allow for inflationary increases, we would recommend a regular review by way of professional valuation.
Some insurers may provide access to discounting surveying fees, else you should seek the services of a member firm registered to the Royal Institute of Chartered Surveyors (RICS)
Additions to buildings insurance for blocks of flats
In addition to buildings insurance, cover will usually extend to cover your legal liabilities as the property owner. This will include property owners’ liability and employers liability where you may employ staff such as a gardener or maintenance worker.
We would also recommend the inclusion of legal expenses cover.
Block of flats insurance claim example
A parcel delivery driver trips down the stairs on the loose carpet and suffers a broken hip.
The driver is off work for 3 months and is seeking compensation and loss of earnings from the residents’ association in excess of £15,000.
Why choose insync for block of flats insurance?
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Say goodbye to one-size-fits-all business policies that have you paying for extras you don’t need and the slow, outdated and inefficient way business insurance is traditionally arranged!