Yearly Renewable Term

This is a term used in life insurance which you will sometimes see as YRT. This type of term life insurance can be renewed annually and you do not have to be medically insurable. There is usually a limit to the age for which this is available.

When you are talking about property and casualty insurance such as your home or auto the renewal is offered on a yearly or sometimes 2-year basis. If the insurance company has decided not to renew then they are required to give you notice of this change.

Talk to your agent or broker to be sure that you understand how your policy works. Some forms of commercial insurance must be applied for each year and it is very important that there is not even a one day gap in your coverage.