Yes. When you renew early to the same Office 365 plan that you already have, the additional time is added to your existing subscription. For example, if you have two months left on your current subscription to Office 365 Home and you renew for one year (12 months), your subscription will run for 14 months.
To manage your billing information, install or remove Office from additional PCs or Macs, and manage your installations of Office on other devices at any time, visit www.office.com/myaccount.
If you purchased a recurring billing subscription, your subscription starts when you complete your purchase. Recurring billing subscriptions may be purchased from Office365.com, MicrosoftStore.com, iTunes®, and some other retailers. If you purchased a pre-paid subscription, your subscription starts when you activate your subscription and land on your My Account page. Pre-paid subscriptions may be purchased from a retailer or reseller, or a Microsoft support agent.
If you have an active Office 365 Home subscription, you can share it with up to five additional members of your household. Each household member you share your subscription with can use any of your available installs on their PCs, Macs, iPads, Android tablets, Windows tablets, iPhones®, or Android phones,2 get access to 1 TB of OneDrive storage, and manage their own installs from www.office.com/myaccount. To add someone to your subscription, visit www.office.com/myaccount and follow the onscreen instructions to add a person. Each person you add will receive an email with the steps they need to follow. Once they have accepted and completed the steps, their information, including the installs they are using, will appear on your My Account page. You can stop sharing your subscription with someone or remove a device they are using at www.office.com/myaccount.
Your Microsoft account can only have one active subscription. If you activate your Office 365 Personal or Office 365 University subscription before your Office 365 Home subscription expires, the remaining time on your Office 365 Home subscription will be converted to the Office 365 Personal or Office 365 University subscription (whichever you have chosen). You will immediately lose the Office 365 Home benefits of installing Office on multiple PCs/Macs, tablets, and phones, including Windows, iOS, and Android. You may choose to wait until your Office 365 Home subscription expires before activating your Office 365 Personal or Office 365 University subscription so you do not lose installs.3
Your Microsoft account can have only one active subscription. You can either convert your Office 365 Home subscription to Office 365 Personal or Office 365 University, or you can wait until your current subscription expires before activating your Office 365 Personal or Office 365 University subscription.3