An overwhelming 69.3% of Americans have put their insurance policies under review, with nearly half (45.8%) citing rising premiums as the catalyst, according to a new survey released this week by Trusted Choice®—the national consumer brand representing the Big “I."

The survey also found that one-third of Americans are unaware that external economic factors, such as an increase in extreme weather, soaring reinsurance costs, supply chain disruptions and inflation, are affecting insurance rates.

"Consumers are grappling with increased insurance costs, yet many of them don't realize the extent that economic pressures and market dynamics are affecting their rates," said Charles Symington, Big "I" president & CEO.

As premiums increase, Americans are reviewing their insurance policies and evaluating their options. As many as 46% of Americans have considered or have already taken a higher deductible to save money on insurance while 22% have considered going uninsured to save money. Also, a majority—83%—would switch insurance providers for lower premiums, while 59% would switch for better coverage.

Despite the need for a consultative approach to insurance, only 56% of consumers buy insurance through an agent compared to 36% who buy online.

"Because independent insurance agents work with multiple insurance companies, they are uniquely positioned to work with consumers to help them take a good hard look at their policies, offer various coverage solutions and approach the challenging market with a holistic perspective to help ensure their clients aren't left vulnerable," Symington said.

This study was conducted as the first piece of a larger consumer-facing campaign to elevate awareness of Trusted Choice independent agents in the consumer marketplace. All Big “I" members can access resources to align with the Trusted Choice brand, such as the Trusted Choice logo, at trustedchoice.independentagent.com.

"We acknowledge that the current environment is prompting consumers to opt for higher deductibles, switch coverage solely based on cost, or even go uninsured. However, these are not often the wisest or most effective strategies," agreed Kevin Brandt, executive director of Trusted Choice.

Trusted Choice recommends that individuals stay in touch with their agents not only to ask questions to assess their current coverage, but also to inquire about current market dynamics, evolving premium pricing, and seek guidance on optimizing their insurance portfolios. This proactive approach helps consumers make informed decisions aligned with their unique needs and financial goals.

"It's crucial for consumers to ask the right questions, engage in close collaboration with their independent insurance agents, and learn about what's affecting their coverage," Brandt said. “At this time, it's more important than ever to work with an agent who offers choice, solutions, and advocates for their clients so policyholders can be empowered to make informed decisions to chart a path forward."

Will Jones is IA editor-in-chief.