Renewal
Definition
The process of continuing an insurance policy for a new policy period. At renewal, the insurer reassesses your risk and may change your premium, coverage terms, or conditions. Your renewal offer arrives 30-60 days before your policy expires (timing varies by state). Reviewing your renewal carefully is one of the most important things you can do as a policyholder.
When This Matters
Your homeowners renewal arrives showing a 15% premium increase. You review the declarations page, compare coverage to last year, and call your agent to discuss options before the renewal date.
Related Terms
Have a question about renewal?
Ask the Professor about Renewal →