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What is the difference between extension and renewal?

While the terms “extension” and “renewal” are often used interchangeably, and most of the time they mean the same thing, there are sometimes subtle difference between the two. For example, if your policy allows for a maximum of one year of coverage, and you purchased 6 months of coverage, you would have the option to extend your coverage month by month after those initial 6 months. After the maximum coverage term of one year expires, you would have the option to renew your policy. Your deductible, however, might reset after the expiration of your initial coverage. With extensions, all policy details stay intact as they were detailed in the initial policy purchase. With renewals, you are subject to changes made during the duration of your policy, forfeiting any grandfathered features. With renewals, you may be subject to price increase and alteration in the scope of coverage. For this reason, we recommend to always extend policies before they lapse, to ensure that you maintain policy coverage. This will also mitigate any period between policies.

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