As you may know, an insurance policy is issued for a limited time, and, at the end of that period, the insurance company renews the policy.
Renewal dates are
important times for insurance companies and policyholders. A renewal date is when a policy period expires and a new policy period begins. Renewal dates typically occur six months or one year after the policy began or the last renewal date occurred.
- If the insurance company determines that the risk posed by the policyholder has changed, it may amend the policy, add restrictions or terminate coverage. General policy changes that affect all insured’s also take place at policy renewal.
- A change in risk may also trigger a premium change at renewal. A policyholder who has not filed any claims may see a premium reduction, while a policyholder with several claims may see an increase.
- If you find a better rate with another company or are unhappy with your company’s service, consider switching policies at renewal. You will avoid cancellation fees that may be imposed for mid-term cancellations.
Be sure to stay up to date with your current insurance policy. Not sure when you need to renew your policy? Simply contact Scurich Insurance Services located in Watsonville, California today at 800-320-3666 and we will be happy to tell you.