Renewal
The continuation or replacement of an insurance policy for a new policy period.
Also called
policy renewal
What it means
The process of extending insurance into the next term, often with updated price or terms.
Example
Before an annual policy expires, the insurer may offer renewal documents showing the next term's premium and coverage.
Canada context
Insurance wording and mandatory coverage can differ by province, insurer and policy form. Read the declarations, endorsements and full policy wording that apply to you.
Common confusion
Renewal does not guarantee the same premium, limits or wording, and some policies do not renew automatically.
Important
This plain-language explanation is general information, not legal advice or a substitute for your policy wording. Ask a licensed insurance professional about your situation.
Last reviewed August 17, 2026
Sources
General information only. Coverage and terminology can differ by province, insurer, and policy wording. Consult your policy and a licensed insurance professional.