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Most U.S. consumers only shop for insurance when their premiums increase, they have coverage issues, or go through a major life change, according to a report by Big I.

Just 31% review or shop for insurance each year, the data showed, with nearly nine in 10 saying insurance is only "somewhat" important to their financial security.

"Many consumers aren't avoiding reviews because they don't care about coverage, they're simply waiting for a reason to assess their coverage," said Big I President and CEO Charles Symington.

"Independent agents are uniquely positioned to act on this insight because of their advisory role and access to multiple carriers," he added. "They can re-engage customers before issues surface. Agencies that employ regular touchpoints — not just renewal conversations — will be better equipped to strengthen retention and deliver long-term client value."

According to Big I, coverage can quietly drift out of sync for a consumer's financial situation, assets, or priorities without regular reviews — often going unnoticed until a claim, premium increase or coverage issue brings it to the surface.

Despite infrequent coverage reviews, many consumers recognize the need to take a closer look at their policies, with 76% of respondents saying they are likely to re-examine or adjust their insurance coverage in the next 12 months.

Meanwhile, "Consumers also place a high value on professional insurance guidance, Big I said in the report. "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."

How can consumers take a more active role?

  • 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.

Other key takeaways…

  • Among respondents, 35% of consumers prefer working with an independent insurance agent, highlighting the importance of choice and flexibility when seeking insurance support.
  • Among respondents, 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.

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