When landlords review their insurance, the first thing most look at is the premium.

That is understandable. The premium is immediate. It is visible. It affects cash flow. It arrives at a time when landlords may already be dealing with mortgage costs, repairs, tax pressures, compliance costs and other property expenses.

So yes, the premium matters.

But it is not the only thing that matters.

The premium matters today.

The policy matters when something goes wrong.

That is the difference landlords need to keep in mind before renewing.

Insurance is easy to judge by price

A renewal premium is simple to understand. It has either gone up, gone down or stayed broadly the same.

That makes it easy to focus on the number.

But landlord insurance is not just a number. It is a contract that should protect the landlord’s property, rental income and wider position if there is a claim.

The problem is that the policy detail is not always as easy to assess as the premium. Excesses, exclusions, endorsements, loss of rent provisions, tenant-related damage, unoccupancy conditions and disclosure requirements can all affect how useful the policy may be when needed.

A cheap premium may look attractive today.

But the wrong policy can become a serious problem later.

The real test comes at claim stage

No landlord buys insurance hoping to use it.

But if something does happen, the policy suddenly becomes one of the most important documents connected to the property.

If there is a fire, flood, escape of water, serious tenant damage, break-in, storm damage or a period where the property cannot be let, the landlord will want to know that the cover is suitable and that the claim can be handled properly.

At that point, the landlord is unlikely to be thinking about whether they saved a small amount at renewal.

They will be asking:

• Is this covered?
• Is the excess what I expected?
• Is loss of rent included?
• Are tenant-related risks covered properly?
• Were the right facts disclosed?
• Will someone help me deal with this?
• That is why the decision at renewal should not be based on price alone.

A low premium can hide weak protection

A lower premium is not automatically bad. In many cases, a good broker may be able to obtain better cover or a more competitive price by properly reviewing the market.

But landlords should always ask why a premium is lower.

• Has the cover changed?
• Has the excess increased?
• Has an optional section been removed?
• Is loss of rent cover lower?
• Are unoccupancy terms stricter?
• Is malicious damage covered differently?
• Has the insurer changed?
• Is the policy based on assumptions that may not match the landlord’s actual circumstances?

If these questions are not asked, the landlord may be accepting a lower premium without understanding what has changed behind it.

A matched premium is not always enough

This also matters when an existing broker agrees to match another quote.

A landlord may think the issue has been resolved because the premium is now the same.

• But has the policy been matched?
• Has the level of cover been matched?
• Have the exclusions been compared?
• Are the excesses the same?
• Does the policy provide equivalent loss of rent protection?
• Are malicious damage and tenant-related risks treated in the same way?
• Has the property or portfolio been properly reviewed?

A matched price may feel reassuring, but it does not automatically mean the landlord has received the same protection.

The policy matters.

The questions asked before renewal are crucial

Good landlord insurance starts with proper questions.

• What type of property is being insured?
• Who occupies it?
• Has the tenant type changed?
• Is the property ever unoccupied?
• Are there any unusual risks?
• Is the sum insured accurate?
• Is the level of rent reflected properly?
• Has there been any previous damage or claims history?
• Are there any material facts that need to be disclosed?

For portfolio landlords, the questions become even more important. A landlord with five, ten or fifteen properties may have different property types, tenants, risks and renewal arrangements. That requires a proper review, not a quick price comparison.

If the right questions are not asked, the policy may not reflect the real risk.

Why NetRent and Clear focus on proper review

NetRent has worked with landlords for 23 years. We understand that landlords want competitive premiums, but we also understand that the cover must be suitable.

That is why NetRent speaks to landlords, gathers the relevant information and asks the right landlord-specific questions before passing details to Clear’s dedicated NetRent insurance team.

Clear Insurance Management then use their specialist broking expertise to seek appropriate landlord insurance options.

Importantly, Clear do not simply roll policies forward at renewal. They re-broke landlord insurance to help ensure landlords are getting the best available price and policy for their circumstances.

That is the standard landlords should expect.

Renewal should not be a passive process. It should be challenged properly every year.

Do not wait until something goes wrong

The time to check your landlord insurance is not after a claim has started.

It is before renewal.

Before you pay the premium.

Before you accept your broker’s recommendation.

Before you assume the policy is still right.

Before you discover that an exclusion, excess, condition or missing disclosure may affect a claim.

That is why landlords should treat renewal as a decision, not just a payment.

Contact NetRent before you renew

If your landlord insurance renewal is approaching, do not look only at the premium.

Send your renewal to NetRent before you commit.

Let us review what you have been offered. Let us ask the right landlord-specific questions. Let us see whether Clear’s dedicated NetRent team can provide a competitive alternative that properly reflects your property or portfolio.

You may save money. You may improve your cover. You may discover that the policy you were about to accept was not the best option available.

But most importantly, you will be making the decision before something goes wrong.

Call NetRent: 01352 721300
Email: insurance@netrent.co.uk

The premium matters today. The policy matters when something goes wrong. Before you renew, send your landlord insurance renewal to NetRent.