Extreme natural disasters, supply chain issues and runaway litigation are contributing to rising insurance premiums, leading the majority of Americans to re-examine their insurance policies, according to a new survey released today by Trusted Choice.

Representing members of the Independent Insurance Agents & Brokers of America (the Big “I”), the brand found that just one-third of Americans (32.8 percent) say they are unaware of external economic factors affecting insurance rates, while 69.3 percent have put their insurance policies under review, with nearly half (45.8 percent) citing rising premiums as the catalyst.

“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. “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.”

Findings indicate that nearly half of the respondents (46.6 percent) considered or have already taken a higher deductible to save money on insurance.

A disturbing trend is that 22 percent considered going uninsured to save money.

A majority of those surveyed, 83 percent, indicated they would switch insurance providers for lower cost premiums, while 59.5 percent would switch for better coverage.

More than half (56.3 percent) buy insurance through an insurance agent versus 36.3 percent who buy online through an insurance company’s website.

“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,” said Kevin Brandt, executive director of Trusted Choice. “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. 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.”

It’s recommended that consumers “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.”