Renewing insurance is the process of extending the coverage of an insurance policy for an additional term, typically on an annual basis. This involves paying premiums to the insurance company to maintain the coverage in force, and can be done for various types of insurance, including life insurance, health insurance, property insurance, and liability insurance.
Renewing insurance is important for several reasons. Firstly, it ensures that you continue to have the coverage you need to protect yourself and your assets. For example, if you have life insurance, renewing the policy will ensure that your beneficiaries will continue to receive a death benefit in the event of your death.
A couple insider tips on how to remember your annual premium due dates:
- When you sign, create a calendar invite for the following year so that you remember ahead of time.Â
- If you keep an annual budget, take a minute to create a reminder for the following year.Â
Another important reason to renew insurance is to take advantage of any changes or improvements in the policy. For example, an insurance company may offer new benefits or lower premiums for a policy that is being renewed, or may have made changes to the policy that make it more favorable for the policyholder.
It is also important to renew insurance in a timely manner to avoid any lapses in coverage. If a policy is not renewed, the coverage will automatically terminate, leaving the policyholder without insurance protection. This can be particularly problematic in the case of health insurance, where a lapse in coverage can lead to higher costs and greater difficulty obtaining insurance in the future.
To renew insurance, policyholders typically receive a renewal notice from the insurance company several weeks before the policy is set to expire. This notice will provide information on the new premium, the coverage being offered, and any changes to the policy. Policyholders can then choose to accept the renewal terms and pay the premium, or they can shop around for a better policy if they wish.
Overall, renewing insurance is an important step in maintaining coverage and ensuring that you and your assets are protected. By renewing insurance on a timely basis, policyholders can ensure that their coverage remains in force and that they are taking advantage of any changes or improvements in the policy.
At Rochkind Insurance we know that your life is busy and sometimes things fall through the cracks. If we see that your policy has not been renewed within two weeks of expiration we will do our best to reach out and remind you so that your coverage is not interrupted.Â
