Updating your insurance could lower your bill. Use these 5 tools to get the best deal

The past few years have brought persistently higher prices, as the inflation rate has been above the Federal Reserve's 2% target since 2021. And rising insurance premiums are further straining consumers' wallets.

Homeowners insurance rates are on track to reach a 4% increase by the end of the year, according to online marketplace Insurify. That follows a 12% jump in home insurance costs in 2025.

Car insurance isn't seeing prices decline, either — the average annual premium rose $63, to $2,079 this year from $2,016 in 2025, according to insurance comparison site The Zebra.

Beyond prices, it's worth noting that when your life changes, your insurance should, too. From adopting a pet to buying a home or getting married, new circumstances often mean you should add a new type of insurance to your financial plan going into a new year.

Here's what to consider for an end-of-year insurance check-in and tools that can help simplify the process.

If life changed for you in 2026 — from buying a car to getting married — it's worth checking in on your insurance policies to make sure you're still getting the best deal possible. After all, when something changes in your life, it could change the way insurers view you — and ultimately charge you.

For example, married people paid 8% less on average than single people for auto insurance, according to a study from insurance comparison site The Zebra. Additional changes, like a new ZIP code, can also impact your insurance costs. However, not all insurance companies weigh this equally, so the insurer that was cheapest at your old address might not be the best after your move.

One of the best ways to make sure you're getting the best price on auto, home and renters insurance is to comparison shop. And do it often.

While that used to mean collecting quotes from dozens of insurers and comparing them, there is a tool that can make this process simple, at least for auto insurance. Jerry is an AI-powered platform that can gather quotes from auto insurers in your area in just a few minutes, and also send you notifications when it finds a better price throughout the year.

You might also want to see if bundling your home and auto insurance would help you save, as many insurers offer discounts for doing so. Start by collecting quotes for both policies from the same company — these discounts are typically automatically applied.

With insurance prices rising, staying ahead of your premiums can be a strategic way to save. For starters, using a budgeting app can remind you when payments are due so you don't incur late fees.

Additionally, you can save on auto insurance by paying in full at the start of the policy. Drivers save about 2% per policy term by doing so — a savings of about $23 every six months on the average $1,162 policy, according to estimates from The Zebra. Plus, you could avoid installment or other additional fees charged for paying monthly.

Quicken Simplifi's Bill Connect feature can remind you of upcoming due dates and help you build a plan to afford your coverage.

If you welcomed a furry friend into your family in 2026, it's time to think about pet insurance. With the cost of veterinary care on the rise — services increased by 5.7% between August 2026 and 2025, according to the Bureau of Labor Statistics' August Consumer Price Index.

From accidents and injuries to major illnesses, pet insurance could help cover the unexpected costs of owning a pet. These plans typically work on a reimbursement basis, so you'll pay out of pocket for your vet care, then submit receipts for review.

However, not all pet insurance is the same — plan features, coverage limits and prices will vary between companies. The best way to find the most affordable coverage is to get several quotes with the same coverage, reimbursement limits and deductible.

You can do that by visiting various insurance websites and filling out individual quote forms. Or, you can try Pawlicy Advisor instead to see several insurers at once. You'll fill in your information, as well as your pet's details, and get several quotes in just a few minutes.

If 2026 brought a big change to your family, it's time to consider life insurance. There are several types of life insurance, including policies guaranteed to pay out when you die, including whole life and other types of permanent life insurance.

However, these policies can be pricey: The average whole life insurance policy for a healthy 30-year-old male is $186 per month, or $161.66 per month for a 30-year-old female for a $500,000 policy, according to online life insurance agency LifeStein.

However, term life insurance is much more affordable. A 20-year, $500,000 term policy costs about $17.75 per month for a healthy 30-year-old male, or $15.16 per month for a comparable female, according to LifeStein. While it's not guaranteed to pay out — it only gives a death benefit if you die within the term — it's a much more affordable alternative that could be a big help in the event of something unexpected.

Getting life insurance has been complicated in the past: some traditional insurers can require things like blood tests. Other brands can help you get covered without this hassle. At Ethos, for example, eligible applicants can apply online and get up to $3 million in coverage with no exam required.

Similarly, Ladder has moved the process of getting coverage entirely online, and lets you add or lower coverage limits in the future as your needs and family change.

As insurance gets more expensive, raising your deductible could help you save on your home and auto insurance. For homeowners, raising your deductible from $500 to $1,000 could save you as much as 25% on your deductible, according to the Insurance Information Institute (III). Similarly, car insurance policyholders can also use this tactic, as raising your deductible from $200 to $500 could help reduce the cost of your collision and comprehensive coverage by 15% to 30%, per the III.

While this could mean lower premiums, it's not without some risk — you could have to pay this amount if you end up needing to file a claim. To make a higher deductible more feasible, consider bulking up your emergency fund.

A high-yield savings account is a good way to keep your savings growing while still easily accessible. Some of CNBC Select's favorite high-yield savings accounts include Axos ONE^® Savings and Checking, which combines a checking and savings account and offers promotional rates when you maintain a $1,500 daily balance and $1,500 in monthly direct deposits.

Additionally, Marcus by Goldman Sachs Online Savings Account is another strong option with no fees or minimum balance requirements, and a competitive APY that can help keep your emergency fund growing.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance story is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.