A renewal notice is designed to be easy to ignore. Pay the same as last year, plus a bit, and nothing changes. That convenience is exactly why renewal is where cover quietly drifts out of line with reality — and it is the only moment each year when everything is up for negotiation.
The nine questions
- 1Is the sum insured still right? Rebuild and replacement costs move every year. The figure you set three years ago is almost certainly too low now.
- 2What has actually changed in my life or business? New vehicle, new premises, new staff, new equipment, new line of work — each one can change what is covered.
- 3What is the excess, and has it moved? Insurers sometimes raise the excess rather than the premium. It looks like a better deal and is not.
- 4What is specifically excluded? Ask for the exclusions to be read to you in plain language. This is where declined claims come from.
- 5Has the wording changed since last year? Renewal terms are not always identical to expiring terms, and the changes are rarely highlighted.
- 6Am I paying for cover I no longer need? Sold the vehicle, closed the branch, stopped the activity — the premium does not remove itself.
- 7Am I insured twice for anything? Overlapping policies do not pay twice. You simply pay two premiums for one recovery.
- 8What would this policy not have paid for, in the last claim I made or nearly made? A concrete test beats a theoretical one.
- 9Has the market been checked, or was this just rolled over? If nobody re-quoted, you have no idea whether the price is fair.
When to start
Four to six weeks before renewal. Earlier than that and figures go stale; later and there is no time to market the risk properly, which means you take whatever is in front of you.
A renewal you did not question is a renewal the insurer priced without competition.
Still your situation?
General guidance only takes you so far.
This article cannot know your circumstances. A free consultation can — bring your questions, your current policy, or nothing at all.