Many people set up an insurance policy once and let it auto-renew indefinitely, assuming loyalty is either rewarded or at least neutral. In practice, insurers frequently price new customers more aggressively than renewing ones, which means an unreviewed policy can quietly become more expensive relative to the market over time, even with no changes in your own risk profile.
Auto insurance: shop annually
Auto insurance pricing shifts frequently based on each insurer's claims experience, and even loyal, claim-free customers can see their relative pricing drift upward over a few years. Re-shopping auto insurance every year, or at minimum every renewal cycle, is one of the more consistently recommended habits in personal finance.
Homeowners insurance: every 1–2 years, plus after any local rate filing news
Home insurance pricing can shift meaningfully after regional catastrophe activity or broad rate filings, even if your specific home hasn't changed. If you've seen local news about a carrier raising rates or leaving your state, that's a good trigger to re-shop immediately rather than waiting for a scheduled review.
Life insurance: mainly after health or life changes, not on a fixed schedule
Once a term life policy is locked in, there's generally little reason to re-shop unless your health has meaningfully improved (which could qualify you for a better rate class) or your coverage need has changed significantly. Re-shopping too aggressively on life insurance can also trigger new underwriting, which carries its own risk if your health has changed for the worse.
Health insurance: every open enrollment period, without exception
Health plan pricing, networks, and formularies change annually, and the "best" plan for your situation last year isn't guaranteed to be the best one this year. Open enrollment is a mandatory annual checkpoint, not an optional one.
What re-shopping isn't
Re-shopping doesn't mean switching every year regardless of outcome — sometimes your current carrier remains the best option, and that's a fine result of the process. The point is confirming that regularly, not assuming it indefinitely.