A landlord insurance schedule may only run to a few pages, but it contains some of the most important information in the entire policy.

It normally identifies who is insured, which property is covered, the period of insurance, the sums insured, the sections selected, the excesses and any special endorsements or conditions. If any of those details are wrong, the policy may not reflect the risk the landlord intended to insure.

The schedule should therefore be checked as soon as it is received—not filed away unread until a claim occurs.

The schedule is only one part of the policy

The policy schedule summarises the cover arranged for that particular customer and property. It does not usually contain every definition, condition or exclusion.

Landlords may also receive:

• The full policy wording
• A statement of fact or proposal summary
• An insurance product information document
• Endorsement wording
• A certificate of insurance
• A demands-and-needs statement
• Additional documents for optional sections of cover

These documents should be read together. A section shown on the schedule may still be subject to definitions, limits and exclusions contained in the full wording. An endorsement may also change the standard wording for a particular property.

1. Check the policyholder’s name

Start with the name of the insured person or organisation.

The schedule should correctly identify the party with an insurable interest in the property. Depending on the ownership arrangements, this might be:

• An individual landlord
• Two or more joint owners
• A limited company
• A partnership
• Trustees or another legal entity

A trading name is not always the same as the legal person or company that owns the property. If the building is held by a limited company but the policy names only an individual director, the discrepancy should be raised with the broker or insurer.

Check spelling, company names and joint ownership carefully. If the property is mortgaged, also check whether the lender’s interest is noted where required.

2. Confirm the insured property address

The complete rental-property address should be accurate, including the flat number, building number and postcode.

This is particularly important where:

• Several flats share one building
• The landlord owns more than one property in the same street
• A property has been converted or renumbered
• The correspondence address differs from the insured address
• A portfolio policy lists properties on a separate schedule

A minor typing mistake should still be corrected. A more substantial error—such as the wrong flat, postcode or property—could create uncertainty about what the insurer agreed to cover.

Portfolio landlords should check every property rather than assuming that an attached list is unchanged from the previous year.

3. Check the period of insurance

The schedule should show the start and end dates of the policy.

Confirm that cover begins when responsibility for the property passes to the landlord. When purchasing a property, this may need to be considered before completion, depending on the transaction and circumstances.

At renewal, make sure there is no unintended gap between the old policy and the new one. If a policy has been replaced rather than renewed, do not cancel the previous arrangement until the replacement cover has been confirmed.

The schedule may also state the time at which cover begins and expires. This can matter if an incident occurs on the first or final day.

4. Examine the property description

The schedule or statement of fact may describe the building and its use. Check whether this information remains accurate.

Relevant details can include:

• Property type and construction
• Number of bedrooms or self-contained units
• Whether the building is a house, flat, HMO or mixed-use property
• The roof construction
• The year built
• Listed-building status
• Flood or subsidence history
• Commercial activity at the premises
• Renovation or building work

A former family house that is now let room by room may represent a materially different risk. The same applies where a loft conversion, extension, additional kitchen or subdivision has changed the building.

If the schedule does not contain the full property description, check the statement of fact supplied with the policy.

5. Check the occupancy information

The policy should reflect who occupies the property and how it is let.

Check details such as:

• Whether the property is tenanted or unoccupied
• The number and type of occupants
• Whether occupants form one household or several households
• Whether the property is let under one agreement or room by room
• Whether tenants are students, professionals or another declared group
• Whether the building is used as an HMO
• Whether any part is occupied by the landlord
• Whether there is any commercial use

Descriptions vary between insurers, so do not rely on a category name without understanding what it means under that policy.

Occupancy can change during the policy year. A landlord should contact the broker or insurer if tenants leave, the property remains empty beyond the permitted period, the letting arrangement changes or a different occupant group moves in.

6. Review the buildings sum insured

The buildings sum insured should normally reflect the cost of reinstating the property—not its market value.

Reinstatement can include demolition, debris removal, professional fees and reconstruction in accordance with applicable requirements. Extensions, conversions, improvements and construction-cost increases can all affect the figure.

Check whether the schedule shows:

• A declared value supplied by the landlord
• A fixed buildings sum insured
• A blanket or index-linked limit
• Any separate limit for outbuildings or other structures

The terminology and calculation method vary. If the figure appears too low, unusually high or carried forward unchanged for many years, ask how it was established and whether a professional rebuild-cost assessment is appropriate.

Underinsurance can affect the amount paid following a claim, depending on the policy wording and circumstances.

7. Check landlord contents cover

Buildings insurance does not automatically insure everything a landlord supplies inside the property.

Landlord contents can include:

• Furniture
• Carpets and curtains
• Freestanding appliances
• Beds and wardrobes
• Tables, chairs and sofas
• Garden furniture
• Communal-area contents

Check whether contents cover has been selected and whether the sum insured reflects the total replacement value of the landlord-owned items.

Tenant belongings are not normally landlord contents. Tenants should make their own arrangements for possessions they own.

8. Identify every section of cover included

A quotation summary may mention several benefits, but the schedule should indicate which sections actually apply.

Depending on the policy, these might include:

• Buildings insurance
• Landlord contents
• Property owners’ liability
• Loss of rent
• Alternative accommodation
• Accidental damage
• Malicious damage by tenants
• Employers’ liability
• Legal expenses
• Rent protection
• Home emergency assistance

Look for wording such as “included”, “operative”, “not insured” or “not selected”. Optional cover discussed during the quotation process should not be assumed to apply unless it appears in the final documents.

Also check the limit for each section. A policy may include a type of protection but restrict the amount payable or the length of time for which payments can continue.

9. Read the excesses carefully

The excess is the amount the policyholder must contribute towards a claim.

There may be a standard excess as well as different excesses for:

• Escape of water
• Subsidence
• Flood
• Accidental damage
• Malicious damage
• Legal expenses or rent protection

Check whether an excess applies to each claim, each incident, each property or each affected section. The exact wording matters, particularly on a portfolio policy or where one event damages several properties.

A low premium accompanied by a high excess may not provide the value expected. Make sure the potential contribution remains affordable.

10. Do not overlook endorsements

An endorsement adds to, removes from or changes the standard policy terms. It can be one of the most important parts of the schedule.

Endorsements may impose requirements concerning:

• Unoccupied-property inspections
• Minimum heating or water isolation
• Security protections
• Fire alarms and fire doors
• Electrical or gas-safety documentation
• Flat roofs
• Renovation work
• Tenant referencing
• HMO licensing or management
• Notification of specific changes

An endorsement number is not enough on its own. Find the corresponding wording and make sure the landlord or managing agent can comply with it.

If a condition is unclear or impractical, raise it before accepting or renewing the policy. Do not wait until a claim to discover what it required.

11. Compare the schedule with the statement of fact

The statement of fact records information on which the insurer may have based its decision and premium.

Check answers concerning:

• Previous claims and incidents
• Property construction and condition
• Occupancy and tenancy arrangements
• Unoccupancy
• Criminal convictions or insolvency where asked
• Flooding, subsidence and nearby risks
• Business use
• Renovations and structural alterations
• Security and fire precautions

Do not assume that information held from a previous year remains correct. If anything is inaccurate, incomplete or out of date, contact the broker or insurer promptly.

12. Check the premium and payment arrangement

Confirm the total premium, applicable fees and whether payment is annual or by instalments.

If instalments are provided through a credit arrangement, missed payments may have consequences for that agreement and potentially for the policy. Check the payment dates and ensure the correct bank details or card authority are in place.

Landlords should also confirm that any mid-term adjustment, cancellation or broker fees are understood.

A practical final checklist

Before filing the documents, confirm:

• The correct individual, company or other legal entity is insured
• Every insured property address is accurate
• The policy dates provide continuous cover
• The property description and construction are correct
• Occupancy and tenancy details reflect the real arrangement
• Buildings and contents sums insured are appropriate
• Required sections of cover are shown as included
• Loss-of-rent limits and payment periods are sufficient
• All excesses are understood
• Every endorsement has been located and read
• The statement of fact is complete and accurate
• Contact and payment details are correct
• Claims and emergency telephone numbers are accessible

Keep the current documents somewhere they can be found quickly. Landlords may also wish to give managing agents the relevant claims and emergency information without sharing unnecessary confidential material.

Ask questions before accepting the documents

An insurance schedule is not simply proof that a premium has been paid. It is a concise record of the risk the insurer believes it is covering.

NetRent works with Clear Insurance Management and its experienced property-insurance team to help landlords review policy schedules, statements of fact, cover, conditions and premiums properly.

If your landlord insurance is approaching renewal, send us your existing documents so that we can examine what is currently insured and identify the questions that should be addressed before an alternative is arranged.

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

Reading the schedule properly takes only a short time. Correcting a mistake before a claim can be considerably more valuable.

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.