Three in 10 people in the U.S. shop or review insurance annually, according to a new survey from the Independent Insurance Agents & Brokers of America (Big "I"). And 88% said having insurance is very or somewhat important to financial security.
Charles Symington, Big "I" president & CEO, said in a statement: "In today's insurance market, standing still can cost you."
Forty-nine percent of respondents said they revisit insurance after a premium increase or never review their policies at all. But 76% of respondents say they are likely to review or adjust their insurance coverage in the next 12 months.
Many, 87%, say working with an insurance agent is very or somewhat important. Thirty-five percent of respondents said they prefer working with an independent insurance agent, 32% said they decide insurance on their own, 5% said they rely on AI or comparison tools.
Symington said: "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."
