Landlord insurance renewal should be more than approving a payment and filing a certificate. A property, tenancy or portfolio can change during twelve months, and last year’s policy may no longer reflect the risk.

Starting sixty days before renewal gives landlords time to collect accurate information, review cover and allow a proper market comparison. It also reduces the pressure to accept the existing terms simply because the expiry date is approaching.

Days 60–53: find the documents and set the timetable

Begin by confirming the renewal date and locating the current policy schedule, wording, statement of fact and any endorsements. Add the insurer’s renewal deadline and payment date to the diary, together with time for questions and corrections.

Create one folder containing the documents for every insured property. Portfolio landlords should check that none has been sold, acquired or accidentally omitted.

Do not wait for the renewal invitation before beginning. It may arrive only a few weeks before expiry, leaving limited time for a detailed review.

Days 52–45: check the property and occupancy information

Review the information on which the policy is based. For each property, confirm:

• The full address and property type
• Construction, age and number of bedrooms
• Whether there is a flat roof, outbuilding or other unusual feature
• The current number and type of occupants
• Whether the property is let to one household, students or multiple households
• Whether it is an HMO and its licensing position
• Whether any rooms or properties are unoccupied
• The tenancy arrangements and rental income
• Security, fire-safety and water-protection measures

Tell the broker about conversions, extensions, renovations or changes from whole-property to room-by-room letting. An insurer needs the actual risk, not the description that applied when the policy was first arranged.

Days 44–37: review rebuilding and contents values

The buildings figure should reflect the cost of rebuilding the property, not its sale price or mortgage valuation. It may need to allow for demolition, debris removal, professional fees and construction to current standards.

Consider whether building costs or the property itself have changed. Listed buildings, unusual construction and extensively altered properties may justify a professional reinstatement-cost assessment.

Review landlord-owned contents as well. Furniture, appliances, carpets, curtains and communal-area items can accumulate over time. A furnished HMO may require substantially more contents cover than an unfurnished single-family property.

Days 36–29: examine the protection, not just the premium

Make a list of the cover that matters to the property and the landlord’s finances. This may include buildings, landlord contents, property owners’ liability, accidental damage, malicious damage, escape of water, subsidence, loss of rent, alternative accommodation, legal expenses, rent protection and home emergency assistance.

Check the financial limits, excesses and maximum payment periods. Loss-of-rent cover should reflect the actual rental income and a realistic repair period following serious damage. A low premium may offer poor value if important protection has been reduced or removed.

Read the unoccupancy conditions carefully. The insurer may require inspections, heating, water isolation or other precautions when a property is empty beyond a specified period.

Days 28–22: update claims, incidents and risk improvements

Prepare an accurate record of claims and circumstances that might be relevant, including incidents that were reported but did not result in payment. If there is any doubt about what must be disclosed, ask rather than making an assumption.

Collect information about repairs and improvements completed during the year. This could include roof work, electrical upgrades, alarm installations, replacement locks, plumbing improvements or measures taken after a previous claim.

Do not describe a defect as repaired until the work has been completed. Accurate disclosure gives the insurer the opportunity to assess the risk on the correct basis.

Days 21–15: begin the market review

Send the existing policy documents and updated information to NetRent in good time. NetRent works with Clear Insurance Management and its experienced property-insurance team. Clear re-brokes policies arranged through Clear at renewal rather than assuming the existing insurer remains the most suitable option.

Early information allows time to clarify unusual construction, claims, occupancy or portfolio details. Complicated risks may require additional questions or referral to insurers.

The objective is not simply to obtain the lowest number. It is to identify suitable cover at a competitive premium.

Days 14–8: compare quotations properly

When terms are available, compare them on a like-for-like basis. Check:

• Buildings and contents limits
• Loss-of-rent amount and indemnity period
• Liability limits
• Standard and event-specific excesses
• Accidental and malicious damage
• Unoccupancy restrictions
• Tenant, property and use exclusions
• Optional covers included or omitted
• Important warranties and conditions
• The total cost, including fees and instalment charges

A matched premium does not necessarily mean a matched policy. Ask for any material differences to be explained before deciding.

Days 7–1: make the decision and check the details

Confirm the selected option before the existing policy expires. Review the final statement of fact and schedule, correct any errors and ensure every property is included. Arrange payment and check whether premium finance creates additional cost.

If moving insurer, make sure the old policy ends only when the replacement begins. Even a short gap could leave the landlord uninsured.

Renewal day and afterwards

Save the new schedule, wording, endorsements, claims contact details and payment confirmation. Provide evidence of insurance to a lender, freeholder or managing agent where required and record next year’s renewal date immediately.

The renewal review should also produce a short list of actions for the year ahead, such as obtaining a rebuilding-cost assessment, improving security or updating property records.

Starting sixty days early gives landlords time to make an informed decision rather than a hurried one. To ask NetRent to review your landlord insurance, telephone 01352 721300 or email insurance@netrent.co.uk.

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.