New survey finds independent agents are still the most preferred distribution channel
Nearly nine out of 10 Americans say insurance plays an important role in their financial security, yet only 3 out of 10 conduct an annual review of their insurance policy, according to a new survey conducted by the Independent Insurance Agents & Brokers of America. More concerning, many policyholders say they rarely review their coverage unless prompted by a problem.
The national survey found that 88% of respondents consider having insurance very or somewhat important to their financial security. Despite that broad recognition, many consumers do not routinely examine their policies to ensure coverage keeps pace with changing financial circumstances, assets or risks.
Instead, coverage reviews often occur only after an issue arises—such as a premium increase, claim or coverage dispute—leaving potential gaps unnoticed until they surface at inconvenient moments.
“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.”
Coverage Reviews Often Happen Only After Premium Increases
The survey suggests that many consumers approach insurance reactively rather than proactively
Nearly half of respondents—49%—said they only review their insurance after a premium increase or never review their policies at all. That pattern can limit policyholders’ opportunities to adjust limits, identify gaps, or better understand what they are paying for before problems arise.
Rising insurance costs in many regions have also made the issue more visible. Premiums have increased as carriers respond to higher claims costs, severe weather losses, and rising rebuilding expenses. In addition, the industry continues to confront pressures from litigation trends and legal system abuse that can affect underwriting and pricing.
At the same time, technological changes are reshaping how consumers evaluate insurance products. Digital comparison tools and InsurTech platforms increasingly allow consumers to review pricing and coverage options online.
Within this evolving market environment, regular coverage reviews can help ensure policies keep pace with rising costs, stricter underwriting standards and new distribution channels.
However, when consumers wait until a billing change triggers a review, decisions may be made under time pressure rather than through a forward-looking evaluation of coverage needs.
Consumers Say They Value Agents—But Interact Infrequently
Despite limited engagement with their policies, many consumers say they recognize the value of professional guidance when making insurance decisions.
The survey found that 76% of respondents say they are likely to review or adjust their insurance coverage within the next 12 months. That finding suggests strong consumer intent to reassess coverage, even if regular reviews are not yet common practice.
Respondents also reported placing a high value on working with an insurance professional. As many as 87% said working with an insurance agent is very or somewhat important when managing insurance decisions.
Yet many consumers interact with their agents only occasionally. Nearly 45% said they primarily contact an agent during claims or major issues, rather than through routine policy discussions.
Independent agents emerged as the most preferred distribution channel among respondents. Thirty-five percent of consumers said they prefer working with an independent insurance agent, reflecting interest in flexibility and the ability to compare options across multiple carriers.
At the same time, the survey found that 32% of respondents make insurance decisions on their own, while 5% rely primarily on AI or comparison tools to evaluate coverage options.
“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 More Proactive Insurance Reviews
The Big “I” says the findings highlight an opportunity for agents and advisors to encourage more consistent policy reviews with their clients.
Regular coverage discussions can help ensure that policy limits reflect current property values, liability exposures and financial priorities. They can also help consumers better understand coverage terms and trade-offs between protection and premium costs.
The organization suggests consumers take several steps to remain engaged with their insurance coverage:
- Review policies at least once a year and after major life events.
- Ask questions to understand what coverage includes and excludes.
- Confirm that policy limits reflect current assets and exposures.
- Check periodically to determine whether coverage adjustments may be appropriate.
For independent agents, these conversations can help align coverage decisions with a client’s evolving financial situation while also allowing policyholders to evaluate different carrier options.
The survey was conducted nationally by MFour Data Research using mobile targeting of consumers age 25 and older who carry home, auto and/or business insurance.
While the results highlight broad consumer recognition of insurance’s financial importance, they also suggest that many policyholders may benefit from more regular engagement with their coverage—and with the advisors who help them manage it.
