Live in landlord with three lodgers

monkeyman311285

Hello,

thank you for taking the time for reading my post.

I am unsure what insurance policy I require.

I currently live in the property and have three lodgers I need a policy to cover my personal contents and building insurance.

thank you in advance.

poppysarah

Ring your current provider and tell them you have lodgers. They'll up your insurance.

Or ring a broker and ask them to find you a policy.

monkeyman311285

Hi

Thank you for your response,

So to clarify I need building and contents insurance and declare I have lodgers as apposed to taking a HMO policy or a landlords insurance?

thanks

poppysarah

Yes if you live there too they are lodgers.

I am not sure if the comparison sites allow for lodgers in the options - they may do.

AFK_Matrix

I know confused.com seemed to have a lodgers insurance section as i was looking around as I need to renew my insurance and I have a lodger. I usually use the comparison sites find the insurance company/companies I am interested in and them phone them to check if they do insurance for lodgers.

If you haven't had this kind of insurance before then be aware that they generally do not cover for damage done by the lodger, which is rather annoying but haven't found one yet which will cover this. Thankfully I have an awesome lodger and after 2 years I am positive no damage will be done.

Yorkie1

You need to be careful with the number of lodgers - some insurance policies will only cover if you have up to a certain number. Three is high.

Have you done other things like getting a landlord's gas safety certificate, and checking whether your council requires you to register as an HMO?

theartfullodger

So you'll be getting more than £4250 a year from all 3 so need to declare rental income (gross) to HMRC taxman & also expenses (legitimate only clearly). Or get fined.


When did you start having lodgers?

G_M

I doubt if your policy will cover you for theft unless there is evidence of a break-in. In other words, if the lodgers nick your TV, no claim.

Make sure your insurer knows you have lodgers.

But no, you do not need landlords insurance which is designed for tenancies.

LODGERS (Licencees/Excluded Occupiers)
A lodger (broadly) lives in the same property with their resident landlord, and shares facilities. Unlike tenants, lodgers have few rights.

The Housing Act 1988 provides definitions of 'Resident Landlord' and 'same property'.

There is advice for landlords considering taking in lodgers here:

LodgerLandlord (General information site)

Landlordzone (General advice on taking in lodgers)

Renting out rooms in your home (Government info)

Rent a Room Scheme (Government scheme for tax-free income from lodgers)

21 tips (Tessa Shepperson's Lodger Landlord website)