It’s that time again when your insurance policy is up for renewal, and you may be wondering — What is an insurance renewal anyway?
An insurance renewal signifies the standard length of time that your insurance policy is active without your insurance company adjusting your rate.
When Will Your Policy Renew?
The date of your insurance policy renewal usually lands around the same time that your policy went into effect. But this will depend on if you have an annual or semi-annual policy period.
Annual policies will renew every year. Semi-annual policies will renew every six months. This period is determined when you purchase the policy.
How Will I Know If My Renewal Is Approaching?
Your insurance policy’s renewal information and reminder is often sent to you through mail or e-mail about 30-45 days prior to your renewal date. The information will include a declaration page, proof of insurance, and other information explaining your renewal policy process.
There are two things that you can do during the renewal process:
- Review Your Policy. The renewal period is the perfect time to take a look at your insurance policy, verify information, and check for discounts.
- Make a Payment. A payment will inform your insurance company that you’re staying with the policy. Remember to pay your insurance renewal off on time because some insurance companies may not offer a grace period during the renewal process.
Can I Change My Policy?
Yes! If you want to make a change to your policy it’s best to do it before the renewal takes effect.
All insurance policies are likely to renew and possibly change during their annual or semi-annual transition, so take that time to review and change your policies if needed.
We’re Here To Help
We understand that insurance can be confusing, especially during your renewal period. We’re here to walk you through this process one step at a time.