When a landlord insurance renewal arrives, it is tempting to look at the premium, compare it with last year’s figure and make a quick decision.

That figure matters, but it does not tell the whole story. A quotation can cost less because it offers narrower protection, carries larger excesses or is based on incomplete information. A higher renewal premium should not be accepted without checking suitable alternatives.

What should you send?

The most useful renewal pack normally includes:

• The renewal invitation or notice
• The current policy schedule
• The statement of fact or proposal information
• The complete policy wording
• Details of endorsements and special conditions
• A recent claims history, where available
• The current premium and any instalment charges
• Information about changes since the policy was arranged

For a portfolio, documents should identify every insured property and the information recorded against each address. A premium alone is not enough: without the schedule, wording and property information, it is impossible to establish whether two quotations genuinely protect the same risk.

First, check the property information

The review should confirm:

• The property address, type, construction and age
• The rebuilding cost
• The number and type of occupants
• Whether the property is let to one household, sharers or as an HMO
• Any periods of unoccupancy
• Previous flooding, subsidence, renovations or building work
• The landlord’s claims history

Information that was accurate last year may no longer be correct. Tenants change, rents rise, properties are improved and family lets become shared accommodation. Incorrect or outdated information can affect the quotation and the insurer’s response to a future claim, so the details should be corrected before alternative terms are sought.

Then compare the cover

Two policies both described as landlord insurance can provide materially different protection.

A proper review should consider areas such as:

• Buildings cover and the declared rebuilding cost
• Landlord contents
• Property owners’ liability
• Loss of rent and the maximum payment period
• Accidental damage
• Malicious damage by tenants
• Escape of water and subsidence
• Legal expenses and rent protection
• Home emergency assistance

The purpose is to identify what the current policy provides, establish what the landlord needs and make important differences visible. A cheaper quotation may still be right, provided it remains suitable after the limits and exclusions have been examined.

Excesses can change the value of a quotation

The excess is the amount the landlord must contribute towards a claim. A policy may have a standard excess together with separate amounts for escape of water, subsidence, malicious damage or other losses.

A lower premium accompanied by a much larger excess is not necessarily a saving; it transfers more of the financial risk back to the landlord. Each excess should therefore be set alongside the corresponding cover.

Conditions matter before a claim happens

Some of the most important policy provisions do not appear in the headline summary.

Conditions may require inspections of an empty property, minimum heating, isolation of the water supply, specified security measures or prompt notification when tenants, occupancy or building work change. Requirements vary between insurers. A quotation should therefore be reviewed for conditions the landlord can realistically follow, not simply for its price.

Check the limits against today’s figures

The buildings sum insured should reflect the rebuilding cost rather than the property’s market value. Rental income should reflect the amount that could genuinely be lost, including the combined income from rooms or units where relevant. Landlord contents should include everything the landlord supplies.

The maximum payment period for loss of rent also deserves attention. Serious claims can involve investigation, drying, planning, contractor delays and extensive reinstatement. A twelve-month period may not always be sufficient. Renewal is the opportunity to examine these figures before a claim exposes a shortfall.

What has changed during the year?

Tell NetRent about changes that may not appear in the documents. These could include different tenants, room-by-room letting, a new or altered HMO licence, increased rent, refurbishment, unoccupancy, a change of ownership, an incident that could lead to a claim or another property joining the portfolio.

Do not assume the insurer automatically knows because the information appears in a tenancy, licensing or council record.

How NetRent and Clear help

NetRent is an insurance introducer. We work with Clear Insurance Management and its experienced property-insurance team to help landlords examine their renewal position.

The documents allow the team to understand the existing arrangement before approaching the market. The comparison can then consider the property information, protection, limits, excesses, conditions and premium together.

Clear re-brokes policies at renewal rather than treating the existing insurer as the automatic choice. NetRent has found that we are cheaper in four out of five renewals we quote, but price is only useful when the proposed policy still meets the landlord’s requirements.

Clear also provides in-house claims support for policies arranged through Clear. The insurer remains responsible for decisions about cover and settlement, but an experienced contact can help the landlord navigate the process.

Do not leave the review until the final day

Send the documents as soon as the renewal terms arrive. Time may be needed to clarify information and approach suitable insurers. An early review also allows questions to be resolved before cover expires. Insurance should remain continuous unless alternative arrangements have been confirmed.

If your landlord insurance is approaching renewal, send NetRent the complete renewal pack and details of any changes. Let us compare the policy properly rather than simply searching for a lower number.

Telephone: 01352 721300
Email: insurance@netrent.co.uk

The right comparison considers the protection you may need when something goes wrong—not only the premium you pay today.

NetRent does not provide legal advice. This article represents our general understanding of the landlord insurance and rental property market and is provided for information only.