When my domain expires, I'll have to pay 2 or more days before that happens just to make sure its renuwed on time right ? But what if you don't renuw it ? Is the domain no longer yours ? Gets it deleted ?
Most companies have a grace period for you to purchase it, but during that grace period you have no control over the domain and it will no longer point to your site. After that it will become available to whoever wants it.
There is a process of deletion period where you can claim your domain back for about 2 weeks or a month. The cost to renew it in that period is substantially larger than normal renewal cost, up to around $60.