Renewal Notice

A renewal notice is a document sent by your insurer before your policy expires. It outlines your new premium, any changes to cover or excess, and the renewal date. It’s your opportunity to review, update, and decide whether to renew.

Most people glance at the price and hit renew. That’s a mistake. Your renewal notice is one of the most important insurance documents you’ll receive each year.

Why It Matters

• Your premium, excess, or coverage limits may have changed since last year. If you don’t check, you might be paying more for less.
• Your business circumstances may have changed. New staff, higher revenue, different activities, or new locations all need to be reflected in your policy.
• Renewing without reviewing is one of the most common causes of underinsurance.
• It’s your chance to update your duty of disclosure obligations and make sure the insurer has accurate information.

Show Transcript

Do you know that email or the letter that says your policy is due for renewal and you think, "Ah, I'll deal with it later." Yeah. Don't. That's your renewal notice, and it's more important than most people realise. A renewal notice is your insurer's way of saying your current insurance policy is about to expire. And here's what they're offering for the next term. It outlines your new premium, any changes to cover or excesses, and the renewal date. It's your chance to review the details, check if the cover still suits you, and make sure the information on file is still correct and accurate. If something has changed like your property, business operations, or even your car, that's a time to update yourself, your insurer, or your broker before you renew. So, the next time that renewal notice lands in your inbox, don't just hit auto renew. Read it, review it, and reach out if something doesn't look right. Because renewing blindly could cost you more than a few extra dollars.

What a Renewal Notice Includes

• Your new premium for the next policy period.
• Any changes to your excess amounts.
• Updated coverage limits or conditions.
• The renewal date and policy period.
• A summary of what’s covered and any endorsements or exclusions.

What to Check Before Renewing

• Has your revenue, staff count, or business activity changed?
• Are your sum insured amounts still accurate?
• Have you had any claims, incidents, or near-misses that need to be disclosed?
• Are there new risks in your business that need additional cover?
• Is the premium competitive? Your broker can market it to other insurers.

Common Mistakes or Misunderstandings

• Auto-renewing without reading the notice. Premiums, excesses, and conditions can change. Renewing blindly can cost you.
• Assuming nothing has changed. Even small changes in your business can affect your cover.
• Missing the renewal date. If you don’t renew in time, you could have a gap in cover, which is especially dangerous for claims-made policies like PI.
• Not using it as an opportunity to shop around. Your broker can compare options at renewal time to make sure you’re getting value.

When to Speak to a Broker

When your renewal notice arrives, send it to your broker. They can review the changes, check if the cover still fits your needs, and negotiate with insurers on your behalf.

Need help?

Got a renewal notice and not sure if it’s right? Reach out to Tank Insurance and we’ll review it with you.

Related Terms

• Insurance Premium - Your renewal notice shows your new premium for the next policy period.
• Duty of Disclosure - Renewal is the time to update your insurer on any changes to your circumstances.
• Underinsurance - Renewing without reviewing your sum insured is one of the most common causes of underinsurance.