Most renters insurance policies will renew after twelve months of coverage. Insurance companies will send you the terms of renewal around 30 to 60 days before the renewal date
If your insurance company does not contact you about renewal terms, you should contact them. They could potentially renew your policy without contacting you
If you need to adjust coverage or if you moved to a new address you should contact your insurer before the policy is renewed
If you did not pay your premiums and lapsed in coverage, your insurance company will not renew your policy. If you’ve become a high-risk candidate, your insurance company may choose to not renew your policy
Renters insurance is financial protection for renters. A renters policy covers your personal property if it is stolen or damaged by a named peril; your personal liability if you injure someone else or damage someone else’s property; and additional living expenses if your home becomes unsafe to live in and you need to stay elsewhere, like a nearby hotel.
Renters insurance is one of the cheapest insurance products you can buy, costing an average of $15 a month. You may also qualify for renters insurance discounts, which are generally given for factors like safety measures you install in your home. A standard renters insurance policy will last for twelve months and automatically renew the next year, however there are some exceptions to this, like if your insurance company no longer wants to cover you or if you need to adjust the coverage levels of your policy.
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Most renters insurance companies will automatically renew your renters policy after twelve months. Generally, your renters insurance company will contact you around 30 to 60 days before the renewal.
When contacting you about your automatic renewal, your insurance company will provide you with general information or changes to your renewed policy.
If you do not receive communication from your insurer towards the end of your renters policy term, you should contact them about renewal. They might automatically renew your policy without telling you if there are any new terms. It’s also beneficial to you to contact them about renewal, especially if you have new personal property that you want covered or if you need to increase your coverage levels.
If you move, you should also contact your insurance company. Usually, you can easily transfer your insurance policy to your new address. That said, renters insurance premiums factor in the city and ZIP code you live in, so your policy rates may change slightly when you move.
Since most renters insurance companies will automatically renew your policy (unless otherwise stated) it’s not usually a good sign if they want to end coverage.
There are specific reasons why an insurance company might not renew your policy.
Canceling your renters insurance policy is generally pretty easy. Most insurance companies will allow you to cancel online or through a mobile app. Other insurers will require a written document confirming cancellation, either by email or snail mail. You don’t have to cancel when your policy is up for renewal, you can typically cancel a renters policy at any time.
Cancellation terms will be written out in your insurance policy. That said, there factors to consider before canceling your renters policy.
Kara McGinley is an insurance editor at Policygenius, specializing in home, auto and renters insurance. She previously worked as a freelance writer and copywriter, and has been writing about insurance since 2019. Kara is an expert at making complicated topics like property insurance simple to understand. Her work can be found in Teen Vogue, The Culture Crush, and more.
Kara has a B.A. in English from East Carolina University.