Any insurance policy could be availed for a limited period of time and depending on which the premium amount required to pay varies. The same way home insurance could also be availed for a particular period of time. If the time elapses then you will not be able to make any claims for the damages caused. This period also varies depending on whether the house is a new or a old one. Once the period is elapsed it is required to either renew it or to take a new policy which is providing a better home coverage.

But usually what happens is that the people who are renewing the policies will always go for the same insurance policies without analyzing any of the other options available in the market. The only benefit you could get while renewing the same policy is that it is not required to pay the complete policy amount but they have to pay only the renewal amount. But any new offers that are provided for the same policy will not be available for those who are renewing their home insurance policies. So, do be aware of all these things before going for the renewal of any these home insurance policies.