When your insurance policy expires, and you contact the insurance agent to pay for another year, you have renewed your insurance policy. The new policy is a renewal of the old one.
Reinsurance means something completely different. You may have encountered this term if you have read all of the "fine print" on the back of your insurance policy. Reinsurance is what an insurance company does when it farms out some of its insurance. Another insurance company--a reinsurance company--is actually assuming the risk, or some of the risk, of insuring you. The relationship of the initial insurance company and the reinsurer is strictly financial--you will still deal only with the insurance company whose name is on your policy.
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