Insurance policies don’t last forever, at least not without changing. Most policies have a policy period of one year. During this period, the insurance provider won’t make changes to the policy’s premiums or coverages.
The insurance renewal happens at the end of the policy period. At renewal time, the insurer adjusts coverages and premiums before starting the next policy period. Premiums can either increase or decrease. The insurer can also choose not to renew the policy, though they’ll only do that in certain uncommon circumstances.