Keeping your business risk information up to date is essential to ensure your insurance cover remains adequate, your premium remains competitive and your insurer fully understands and accepts your risk.

At DPI, we provide bespoke advice and service when arranging your insurance. If there’s anything you don’t understand or need help with, please don’t hesitate to contact us – we’re here to support you.

Below is a summary of the key areas we typically review at renewal for a Property Owners policy and why they are important:

1. Property Occupancy, Tenant Profile and Tenancy Agreements

It’s essential to confirm how your property is used (e.g. residential, commercial, mixed-use) and whether there have been any changes in occupancy or tenant type. Insurers rate your risk based on tenant type – for example, professional tenants vs. students, housing benefit recipients, or commercial occupants. Standard, written tenancy agreements should be in place and it’s important to notify us of any changes in tenancy or letting arrangements.

2. Sums Insured – Buildings and Landlord’s Contents

Insuring your buildings and contents for the correct value is critical. The building sum insured should reflect the full rebuild cost (not the market value), including demolition, professional fees and debris removal. Underinsurance may result in a reduced payout under the ‘average clause’ in the event of a claim.

• For further information, see our downloadable guide: “How to Avoid Underinsurance.”
• DPI offer affordable and professional building valuations, for further information see our downloadable “Rebuild Cost Assessment” flyer.

3. Loss of Rent/Alternative Accommodation

It’s essential the amount insured under Loss of Rent or Alternative Accommodation is up to date and reflects current rental income or re-housing costs. It’s important to consider the indemnity period – typically 12, 24, or 36 months – depending on how long it would realistically take to reinstate the property following major damage.

4. Unoccupancy

If any part of your property becomes unoccupied, even temporarily, this can impact your cover. Unoccupied properties are often subject to stricter conditions such as regular inspections, draining of water systems and limited cover (e.g. fire-only risks). Please notify us immediately if a property becomes vacant.

5. Claims History

Reviewing any claims from the previous year’s helps identify potential risk management improvements. Frequent or high-value claims may affect terms at renewal, but demonstrating proactive loss prevention measures can support favourable outcomes.

6. Health and Safety and Risk Management

Landlords have a legal duty to ensure their properties are safe for tenants and visitors.
This includes compliance with fire regulations, gas and electrical safety, asbestos management and general upkeep. Insurers may impose conditions such as:

• Annual gas safety checks
• Electrical installation condition reports (EICRs)
• Fire risk assessments (especially in HMOs or blocks of flats)

7. Insurance General Acceptance – Adverse Financial History, Health & Safety Breaches and Criminal History

Commercial insurance is subject to an ongoing fair presentation of risk and insurance contracts are subject to certain standard general acceptance criteria. It is the ongoing responsibility of the policyholder to ensure any adverse financial history, health & safety breaches and criminal history are disclosed as these are considered material facts that directly impact the insurer’s ability to accurately assess risk. Non-disclosure or misrepresentation of such information can lead to serious consequences, including the voiding of the policy, rejection of claims and legal action. Full disclosure ensures transparency, allows insurers to offer suitable terms and helps maintain the integrity of the insurance contract.

 Please Note:
This guide is a general overview and should not be construed as bespoke advice or a personal recommendation. Requirements can vary depending on your property type, tenant profile and individual policy terms.