Definition
Renewal (ananeosi)
Renewal extends your policy for a new period (usually a year) before it expires, so cover continues without a gap. It may happen automatically or require your confirmation and payment. At renewal the premium and terms can change — it is the moment to re-check your cover, not just to pay.
Also known as: Policy renewal
A policy has an expiry date. If it is renewed, cover continues; if it is not, it lapses and you are left without cover from that point. That is why renewal is not a formality: it is the point at which staying insured is decided.
Even when renewal is automatic, it is worth treating as a small annual check: has the premium changed? have the deductibles or exclusions changed? does it still fit your current needs? An automatic renewal spares you a gap in cover, but does not guarantee the terms stayed the same.
In your own policy, find the expiry date and check whether it mentions «automatic renewal» and with what notice period. If you are unsure, ask your insurer or advisor before the expiry date — not after. PolicyWallet reminds you of upcoming expiries so you have time to decide.
Upload your policy — free analysisFrequently asked questions
Does my policy renew automatically?
It depends on your policy terms. Some renew automatically unless you say otherwise; others require active confirmation and payment. Check the terms or ask your insurer.
What happens if I let my policy expire?
If it expires without renewal it lapses, and you have no cover for new losses from that point. Re-insuring may require a fresh application, and continuities such as a waiting period you have already served can be lost.
Related
Educational content, not insurance advice. PolicyWallet explains what the term means and helps you find it in your own document — it does not assert what your policy covers.