Almost 70% of Americans Are Reviewing Their Insurance Policies
An astonishing 69.3% of Americans have initiated a thorough examination of their insurance policies, with nearly half attributing the surge in premiums as the driving force, as per a recent survey.
The survey further revealed that one-third of Americans remain oblivious to the impact of external economic factors, such as the escalation in extreme weather events, skyrocketing reinsurance expenses, disruptions in the supply chain, and inflation, on insurance rates.
With the rise in premiums, individuals in the United States are carefully examining their insurance policies and assessing the choices available to them. A significant portion, approximately 46% of Americans, have contemplated or have already opted for a higher deductible in order to reduce their insurance expenses. Additionally, 22% have contemplated the possibility of going without insurance to save money. Moreover, a substantial majority of 83% would be willing to switch insurance providers if it meant obtaining lower premiums, and 59% would consider switching for improved coverage.
Although there is a clear requirement for an advisory method in the insurance industry, only 56% of consumers opt for purchasing insurance through an agent, while 36% prefer buying it online.
It is advisable for individuals to stay in touch with their agents. This not only allows them to seek clarification on their existing coverage, but also enables them to stay updated on the latest market trends, fluctuating premium prices, and receive expert advice on how to optimize their insurance portfolios. By adopting this proactive approach, consumers can make well-informed decisions that align with their specific requirements and financial goals.