If you have registered some domain names, it is important to keep a track of each
and every one of their renewal so that you can retain the rights of using them. Domain Names are registered under you only for a certain period of time (1 to 10 years) and if you do not renew them you lose the right to use them.
Some domain registrars advertise domain name renewal for upto 100 years but that only means that they will renew your domain once every 10 years 10 times. However, this is not a bad thing as you will be in the "eyes" of the search engine and will be known by the search engines.having a domain name renewed for a long period indictes to the search engine that you intend to be around longer and this will further lead to the search engines taking your website seriously.
Ballistic Domains allows you to setup automatic domain renewal so that you do not forget about it.
You can still own the domain name if you forget to renew it or it expires or lapses. When a domain name expires, it goes into a grace period with the registrar that can vary from a week to a year. You can renew the domain name in that period and own it again.
If you miss the grace period, then there is the redemption perid where you have 30 days to renew your domain name.During this period, all your information is removed from the domain name but it is still not sold off to another owner.You can get backyour domain name in this time by paying a premium.
However, after the redemption period, you domain name goes into the pending delete status when you cannot renew it.
Keep your email and other contact details upto date so that the registrar can contact you when it is time to renew the domain.