How do I record an insurance renewal?

Open the policy from Accounts → Insurance (or from its line in 'Coming up in the next 90 days') and add the next term on the policy's page — insurer, policy number, period, limit, excess, premium — then attach the new schedule, certificate and wording to that term. Or drop the renewal schedule on the Cover tab: a period that follows the current term becomes this year's renewal by itself. Renewals & Applications lists insurance read-only and links here.