Only 3 in 10 Americans review their insurance annually

ALEXANDRIA, VA (March 3, 2026)—Only 3 in 10 Americans (31%) review or shop for insurance each year, with many waiting until premiums increase, major life changes occur, or coverage issues arise.

A new survey from the Independent Insurance Agents & Brokers of America (the Big “I”) finds that despite the central role insurance plays in Americans’ financial lives, their insurance policy is something people only reach for when there’s a problem.

Nearly 9 in 10 Americans (88%) say having insurance is very or somewhat important to their financial security, according to the survey. Yet infrequent coverage reviews leave consumers missing opportunities to better understand what they’re paying for, manage costs or ensure coverage still reflects their needs.

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.

“In today’s insurance market, standing still can cost you,” said Charles Symington, Big “I” president & CEO. "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."

When coverage reviews become reactive

Premiums are rising in many regions due to higher claims costs, severe weather losses, and rebuilding expenses. Legal system abuse, in particular, is affecting how policies are issued and renewed. At the same time, new technology and InsurTech platforms are changing how consumers evaluate and compare their options.

In this environment, regular coverage reviews help ensure protection keeps pace with rising costs, stricter underwriting conditions, and a more digitally driven insurance marketplace.

Despite this, many consumers do not engage with their coverage on a routine basis. Nearly half of respondents (49%) report that they only revisit their insurance after a premium increase or say they never review their policies at all—limiting opportunities to proactively assess coverage, adjust limits or address gaps before problems arise.

As a result, insurance decisions are often made reactively and under time pressure, triggered by a billing change rather than guided by forward-looking conversations that align coverage with evolving financial priorities.

Consumers want guidance when managing insurance decisions

Despite infrequent coverage reviews, many consumers recognize the need to take a closer look at their policies. The survey found that 76% of respondents say they are likely to re-examine or adjust their insurance coverage in the next 12 months, signaling strong intent but inconsistent follow-through.

Consumers also place a high value on professional insurance guidance. As many as 87% say working with an insurance agent is very or somewhat important, while nearly 45% report that they primarily engage with an agent during claims or major issues.

The survey found that independent agents were the most preferred distribution channel, reflecting consumer demand for flexibility and tailored coverage recommendations. Among respondents, 35% of consumers prefer working with an independent insurance agent, highlighting the importance of choice and flexibility when seeking insurance support. However, 32% said they decide on their own, and another 5% rely on AI or comparison tools, leaving plenty of room for mistakes without an experienced advisor guiding the way.

“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,” said Kevin Brandt, executive director of Trusted Choice. “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.”

Encouraging a more proactive approach

As insurance decisions grow more complex, the Big “I” encourages consumers to take a more proactive approach to reviewing their coverage. Regular check-ins don’t have to be complicated, but they can help ensure policies—and premiums—continue to reflect current needs, priorities, and financial goals.

Consumers can take a more active role by:

• Reviewing policies at least once a year and after major life changes.
• Asking questions to better understand what is—and isn’t—covered.
• Making sure coverage limits still reflect current assets and needs.
• Checking in periodically to see whether coverage should be updated.

Independent insurance agents can support these conversations by helping consumers compare options, understand trade-offs between coverage and cost, and make informed decisions—without waiting for a premium increase or coverage issue to prompt action.

Methodology

National survey conducted by Mfour Data Research via mobile targeting consumers ages 25+ who have home, auto and/or business insurance.