Fluctuation dynamos are generic to astrophysical systems. The only analytical model of the fluctuation dynamo is the Kazantsev model which assumes a velocity field that is delta-correlated in time. We derive a generalized model of fluctuation dynamos with finite correlation time, τ , using renovating flows. For τ → 0, we recover the standard Kazantsev equation for the evolution of longitudinal magnetic correlation, M L . To the next order in τ , the generalized equation involves third and fourth spatial derivatives of M L . It can be recast to one with at most second derivatives of M L using the Landau-Lifschitz approach. Remarkably, we then find that the magnetic power spectrum remains the Kazantsev spectrum of M(k) ∝ k 3/2 , in the large k limit, independent of τ .