Renewal Date

What Does Renewal Date Mean?

For an insurance policy to remain active, it must be renewed before the renewal date. The renewal date serves as a cut-off point: if the policy is not renewed by this date, it will expire, and the insured will lose their insurance coverage.

Insuranceopedia Explains Renewal Date

Renewal dates are typically set on an annual basis, meaning most policies must be renewed after one year. However, this is not true for every policy, and policies that are usually renewed annually may also have options for quarterly or bi-annual renewals.

In many cases, no action is required from the insured if they wish to continue their coverage. The renewal will occur automatically unless the policyholder chooses to cancel their policy.

Renewal dates are also when insurers may implement changes, such as adjusting the premium. If they do, they must notify the policyholder at least 30 days before the renewal date.