When a landlord insurance renewal arrives, many landlords assume the broker has already checked everything.

The renewal has been issued. The premium has been calculated. The policy documents are ready. The broker may have sent a short email recommending renewal.

But that does not always mean the cover has been properly reviewed.

A landlord insurance renewal should not simply be a repeat of last year’s policy. It should be an opportunity to check whether the cover is still suitable, whether the information remains accurate, whether the market has changed, and whether the landlord is getting the best available price and policy for their circumstances.

So, what should your broker actually be checking before you renew?

Has your property information changed?

A proper renewal review should start with the basics.

Is the property still being used in the same way? Has it been altered, extended or refurbished? Has its condition changed? Has the occupancy changed? Is it still let on the same basis?

These details matter because insurance depends on accurate information.

A property that was once let to one tenant type may now be let to another. A property that was occupied throughout the year may have been empty for a period. A property that has been improved may need its insured value reviewed.

If the broker is not asking whether anything has changed, the renewal may be based on outdated assumptions.

Is the tenant type still correct?

Tenant type is a key part of landlord insurance.

A property let to working tenants may be viewed differently from one let to students, benefit-assisted tenants, asylum seekers, company lets, supported living occupants or other arrangements.

Landlords should not assume that the insurer already knows the current position. If the tenant type has changed and this has not been disclosed or reflected in the policy, there may be issues later.

A good broker should ask about tenant type before renewal.

They should not simply assume last year’s information is still correct.

Is the sum insured accurate?

The sum insured is one of the most important figures on a landlord insurance policy.

If the property is underinsured, the landlord may not receive the full amount expected in the event of a claim.

Rebuild costs can change over time. Labour, materials, inflation and property-specific factors can all affect whether the insured value remains appropriate.

A proper renewal review should not ignore this.

Your broker should be asking whether the sum insured still appears suitable and whether a rebuild cost review may be needed.

Is loss of rent cover adequate?

For many landlords, rental income is central to the investment.

If a property cannot be let following an insured event, loss of rent cover can become extremely important.

But landlords should not assume that every policy provides the same level of protection. The amount, duration and circumstances of cover can vary.

A broker should check whether the level of loss of rent cover is appropriate for the landlord’s current rental income and property circumstances.

This is especially important where rents have increased or the property forms part of a wider portfolio.

Is malicious damage by tenants covered properly?

Malicious damage by tenants is an area landlords often assume is covered.

But the detail can vary between policies.

Some policies may include it. Some may restrict it. Some may apply conditions, exclusions or limits. Some landlords may only discover the difference when they need to claim.

A proper review should consider whether malicious damage by tenants is included and whether the terms are suitable.

This is not something landlords should leave to assumption.

Are unoccupancy conditions clear?

Unoccupied property can create insurance issues.

If a rental property is empty between tenancies, undergoing works, awaiting sale or simply vacant for longer than expected, policy conditions may apply.

These conditions may require inspections, heating, water shut-off, security measures or notification to the insurer after a certain period.

If landlords do not understand these requirements, they may accidentally put cover at risk.

Your broker should check whether the property is ever likely to be unoccupied and explain any relevant conditions clearly.

Have excesses changed?

Excesses can have a major impact on the value of a policy.

A lower premium may be achieved partly because the excess has increased. That may still be acceptable, but the landlord should understand the trade-off.

Your broker should check whether excesses remain reasonable and whether any changes have been made at renewal.

This is particularly important for escape of water, subsidence, malicious damage, accidental damage and other common claim areas where excesses may differ.

Are exclusions and endorsements understood?

Policy exclusions and endorsements can significantly affect cover.

A landlord may focus on the headline sections of the policy but miss conditions that limit when cover applies.

A proper broker review should highlight important exclusions, endorsements or conditions that may affect the landlord’s decision.

This does not mean every word of the policy can be explained in detail, but the broker should draw attention to key points that matter.

Have all material facts been disclosed?

Insurance relies on accurate disclosure.

Landlords should tell their broker about facts that could affect the insurer’s decision to offer cover, set terms or calculate premium.

This may include claims history, property condition, occupancy, tenant type, previous insurance issues, unusual property features, criminal convictions or other relevant matters.

A good broker should ask questions that help landlords disclose the right information.

If the questions are not asked, important facts may be missed.

Has the market been properly reviewed?

This is one of the most important renewal questions.

Has your broker actually checked the market?

Or have they simply renewed with the existing insurer?

A renewal should not be treated as a guaranteed continuation. The market may have changed. Other insurers may be more competitive. Different products may offer better value. A landlord’s circumstances may now fit a different solution.

This is one of the reasons NetRent works with Clear Insurance Management.

Clear do not simply roll landlord 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 kind of approach landlords should expect from a renewal process.

Is the policy still suitable for your portfolio?

For portfolio landlords, the review should go further.

A landlord with five, ten, fifteen or more rental properties may have different tenant types, values, levels of rent, cover requirements and risk profiles across the portfolio.

The broker should consider whether the insurance still works for the portfolio as a whole.

Is the structure right? Are the properties correctly described? Are limits adequate? Are there better options available? Is the renewal still competitive?

Portfolio insurance should not be treated as routine paperwork.

Has the broker earned the renewal?

This is the question landlords should ask more often.

A broker should not be rewarded simply because they arranged last year’s policy.

They should earn the renewal by reviewing the cover, checking the market, asking the right questions and helping the landlord make an informed decision.

If your broker only becomes active when you threaten to leave, it may be worth asking whether they were really working hard enough before that point.

Loyalty should work both ways.

Why NetRent can help

NetRent has worked with landlords for 23 years. We understand rental property and the practical issues landlords face when arranging insurance.

We speak to landlords directly, ask the right landlord-specific questions and help ensure the information passed to Clear’s dedicated NetRent insurance team is properly considered.

Clear then use their specialist broking expertise to review the details and seek suitable landlord insurance options.

This process is designed to help landlords avoid renewing blindly, comparing only on price or assuming that last year’s policy is still the best option.

Contact NetRent before you renew

If your landlord insurance renewal is approaching, do not assume everything has been checked.

Send your renewal to NetRent before you commit.

Let us review what you have been offered. Let us ask the right 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 your current renewal has not been reviewed as carefully as it should have been.

But most importantly, you will be making an informed decision before you renew.

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

Before you renew, make sure the right questions have been asked. Send your landlord insurance renewal to NetRent.