No. It's a one-off premium that covers Renters and Landlords for the term of initial Assured Shorthold Tenancy Agreement (AST). Example, if you sign a 3 year tenancy agreement, then your policy premium covers you for 3 years.
Canopy, InsureStreet and Insure Street are trading names of InsureStreet Limited which is an appointed representative of Ambant Underwriting Services Limited, a company authorised and regulated by the Financial Conduct Authority under registration number 597301 to carry on insurance distribution activities. InsureStreet Limited is registered in England Wales company number 10287920. Registered office at First Floor, Buckhurst House, 42/44Buckhurst Avenue, Sevenoaks, Kent, England, TN13 1LZ. InsureStreet Limited (trading as Canopy) provides you with regulated account information services as an agent of Plaid Financial Ltd., an account information service provider registered with the Financial Conduct Authority (Firm Registration Number: 804718). You can find out more https://www.fca.org.uk/consumers/account-information-and-payment-initiation-services or https://plaid.com/legal