What does it mean for a policy to be "non-renewable"?

A "non-renewable" policy means that the insurer will not extend the coverage beyond its expiration date. This type of policy is set for a specific term, and once that term concludes, the insurance coverage ceases to exist. The insured cannot expect to have their policy renewed automatically or under any circumstances unless they procure a new policy altogether.

This designation is significant for policyholders, as it indicates a need to seek new coverage or look for alternative insurance options as the expiration date approaches. Understanding this aspect of insurance policies helps individuals manage their coverage needs effectively and remain insured without gaps in coverage.