A more thorough explanation:

NONRENEWAL

Nonrenewal is when something, like a lease or an insurance policy, is not renewed or extended.

• When the lease on my apartment ended, the landlord decided on nonrenewal and asked me to move out.
• After several accidents, the insurance company decided on nonrenewal of the policy for the driver.

These examples show how nonrenewal means that something is not being continued or extended. In the first example, the landlord decided not to renew the lease, which means the tenant had to find a new place to live. In the second example, the insurance company decided not to renew the policy, which means the driver had to find a new insurance provider.