Though people understand the importance and value of insurance, a policy is only something they think about when something goes wrong.
According to a new survey from the Independent Insurance Agents & Brokers of America (the Big I), nine of 10 respondents said having insurance in important or somewhat important but just three in 10 review or shop for insurance each year. Many, said Big I, are reactive and wait until there are premium increases or major life changes to take at look at insurance policies.
“In today’s insurance market, standing still can cost you,” said Charles Symington, Big I president and CEO, in a statement. “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.”
The survey found about half of respondents revisit insurance only after a premium increase, or they said they never review their policies at all. Big I said this may not be the best strategy, especially as insurers tighten underwriting and adjust premiums to keep pace with higher claims costs from more frequent sever weather, inflationary costs, and litigation.
Policyholders may be missing out on coverage options presented by the insurance industry’s use of new technology. Big I encourages regular check-ins with independent agents, who remain valued with 87% saying that working with an agent is very or somewhat important, according to survey results.
Nearly 45% said they primarily engage with an agent during claims issues and 35% said they prefer working with an independent insurance agent.
“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.”
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