A recent survey from the Independent Insurance Agents & Brokers of America (the Big “I”) shows that only 31% of Americans review or shop for insurance annually. Many people wait until they face a premium increase, major life change, or coverage issue before looking at their policies.
The survey highlights a disconnect between how important Americans say insurance is and how often they review their coverage. According to the findings, 88% consider having insurance very or somewhat important to their financial security. However, most do not routinely check if their coverage matches their current needs or financial situation.
“For many consumers, coverage reviews remain reactive rather than routine. Without regular reviews, coverage can quietly drift out of sync with a consumer’s financial situation, assets, or priorities—often going unnoticed until a claim, premium increase or coverage issue brings it to the surface,” the report notes.
Charles Symington, president and CEO of the Big “I”, said: “In today’s insurance market, standing still can cost you. When policyholders sit down regularly with a trusted insurance advisor, they can better understand their options and potential coverage changes. These insurance reviews can be invaluable in helping consumers protect what matters most. Unfortunately, this new research shows too many people miss out on these important discussions.”
Rising premiums are affecting many regions due to increased claims costs and rebuilding expenses linked to severe weather events. Legal system abuse is also influencing how policies are issued and renewed. Meanwhile, technology is changing how people compare and purchase insurance.
Despite these shifts in the market, almost half of respondents (49%) only review their policies after a premium increase or never review them at all. This approach limits opportunities to adjust coverage proactively.
The survey also found that while 76% of respondents intend to re-examine or adjust their insurance within the next year, follow-through remains inconsistent. Professional guidance remains important for many; 87% say working with an agent is very or somewhat important when managing decisions about insurance.
Independent agents are the preferred choice for 35% of those surveyed because they offer flexibility and tailored recommendations across multiple carriers. Still, 32% make decisions on their own and another 5% use AI tools or comparison websites without professional input.
Kevin Brandt, executive director of Trusted Choice, said: “Rather than a one-size-fits-all approach, consumers want options and advice tailored to their individual situations—especially as coverage needs and budgets change. Independent agents bring that flexibility by offering choice across carriers, helping consumers compare options, and weighing coverage alongside premium so adjustments can be made with confidence over time.”
The Big “I” recommends that consumers take a more proactive role in reviewing their policies through regular check-ins with independent agents who can help them compare options and make informed choices before issues arise.
The national survey was conducted by Mfour Data Research using mobile outreach targeting U.S. adults aged 25 and older who have home, auto or business insurance.
Founded in 1896, the Independent Insurance Agents & Brokers of America represents more than 25,000 agency locations nationwide.
