Rent Guarantee Insurance Renewal


I would be interested in your view on the following

I received a renewal Legal & Rent Guarantee Insurance documents from Rentguard (which initiallyy I purchased through Openrent)

There is the following condition in their ‘statement of fact’:
“The responsibility lies with the landlord to make sure that if Tenants’ circumstances have changed from those provided at the start of the Tenancy Agreemant and when the initial Tenant Referencing was completed, or there was a breach of tenancy agreement by the Tenant, then the Insured must complete a new reference on the Tenants”

How can I know about their circumstances and be responsible for knowing this?
What is the mechanism of making sure that ‘Tenants’ circumstances have changed’ ?
Why on earth they would allow me to reference them if they are already in the property?

What is the point in such insurance?
Insurance should mitigate the risk of tenants default.
In this case, tenants are already in the property.
If referencing shows they cannot pay rent, I will not get the insurance.
If referencing shows they still can pay rent, I do not need the insurance or effective period of risk will be much less than a year.
Also re-referencing tenants & guarantors doubles the insurance price for me.
Basically, I mitigate risk of less than a year for a double price and this strange ‘condition’ would allow the Insurer always to escape from paying me

They also charge me for the future policy amendment and mid-term adjustment!! Why?

They offer renewal but it they cannot evict tenants, in the case of claim they will not pay rent guarantee

In current situation, I cannot buy a rent guarantee from another insurer (nobody offers it to new customers).
What would you do - go with this renewal just in case? or accept having no rent insurance guarantee?

Thank you

if you dont like their term and conditions dont go with them

I agree
But in the current situation, I will remain with no insurance as no insurance company provides Rent Guarantee to new customers