One of the most common situations we see in landlord insurance is also one of the most revealing.
A landlord receives their renewal from their existing broker. The premium is higher than expected, or the landlord simply wants to check whether the deal is still competitive. They contact NetRent. We gather the right information, speak to them about their property or portfolio, and work with Clear’s dedicated NetRent team to obtain a competitive landlord insurance quote.
Then something predictable happens.
The landlord takes the quote back to their existing broker.
Suddenly, the existing broker can match it. Sometimes they can even beat it.
At first glance, the landlord may think this is a success. They have forced the price down and stayed with the broker they already know.
But there is a more important question:
If your broker can match the quote now, why was that not the renewal price in the first place?
That question should make every landlord stop and think.
Was your renewal properly reviewed?
A landlord insurance renewal should not simply be a document sent out each year with a new premium attached.
A proper renewal review should consider whether the cover is still right for the property, the tenant type, the sum insured, the level of loss of rent cover, the excesses, the unoccupancy conditions, any claims history and any material facts that may have changed.
For portfolio landlords, this matters even more. A landlord with five, ten or fifteen properties should not have their insurance treated as routine paperwork. The broker should understand the portfolio, the risk, the cover requirements and the importance of getting the details right.
If your broker only becomes more competitive after you produce another quote, it is reasonable to ask whether your renewal was properly challenged before it was sent to you.
A matched price is not always a matched policy
Price matters. No landlord wants to pay more than necessary.
But landlord insurance is not only about the price.
If your existing broker says they can match another quote, you need to ask what they are actually matching.
Are they matching the cover?
Are they matching the excesses?
Are they matching the policy benefits?
Are they matching malicious damage cover?
Are they matching loss of rent protection?
Are they matching the unoccupancy terms?
Are they matching the claims support?
Are they matching the level of landlord insurance expertise behind the quote?
A lower premium is useful only if the policy remains suitable. A matched price can look attractive, but it may not mean you are receiving the same protection.
Loyalty should work both ways
Many landlords stay with an existing broker because they feel there is a relationship.
That is understandable. Landlords are busy. Insurance can be complicated. A familiar broker can feel like the safer option.
But loyalty should work both ways.
If a broker has been dealing with your insurance year after year, they should be actively working to secure appropriate cover at a competitive price before you threaten to leave. They should not need another broker’s work to prompt them into action.
If the only time your broker becomes highly competitive is when you challenge them, that is not necessarily evidence of loyalty. It may be evidence that they were relying on you not checking.
Do not let your renewal become an assumption
A renewal can easily become an assumption.
The broker assumes you will stay.
The landlord assumes the broker has checked the market.
The landlord assumes the cover is still suitable.
The landlord assumes the price is fair.
Those assumptions may be right. But they should be tested before you renew, not after something goes wrong.
At NetRent, we believe landlords should challenge their renewal properly. That does not mean changing broker for the sake of it. It means making an informed decision based on price, cover, service and expertise.
Why NetRent and Clear are different
NetRent has worked with landlords for 23 years. We understand rental property, landlord risks and the questions that need to be asked before insurance is arranged.
Through our partnership with Clear, landlords have access to a dedicated NetRent insurance team, specialist broking expertise and competitive landlord insurance products, including exclusive arrangements that may not be available through a standard route.
The process is designed to be practical and landlord-focused. NetRent speaks to the landlord, understands the property or portfolio, gathers the key information and passes a properly triaged enquiry to Clear’s NetRent team. Clear can then provide an estimate and, where appropriate, a formal quote based on confirmed details.
That means landlords are not simply being pushed towards a generic quote. The insurance is being approached from a landlord property perspective.
The real question landlords should ask
When your existing broker matches a quote, do not just ask:
“Is the price now lower?”
Ask:
“Why was this not offered before?”
Ask:
“Has my cover actually been reviewed?”
Ask:
“Is this policy genuinely comparable?”
Ask:
“Am I staying because this is the best option, or because it feels easier?”
Those questions could make a real difference.
Before you go back to your broker, speak to NetRent
If your landlord insurance renewal is approaching, do not simply accept it. And do not assume that a broker matching a price means they have matched the value.
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 better option.
You may save money. You may improve your cover. You may also discover whether your existing broker has really been working hard enough for your business.
Contact NetRent before you renew
If your landlord insurance is due for renewal, contact NetRent today.
Call: 01352 721300
Email: insurance@netrent.co.uk
Before your broker assumes you are staying, challenge your renewal with NetRent.