There is no universal rule that says:
moisturize exactly twice daily.
Your skin cannot read skincare instructions.
If it is dry, moisturize it.
After water is a particularly useful time
Hands after washing.
Body after bathing.
Face after cleansing.
You're replacing some of what washing removes and helping hold water in.
This is why I care more about when the skin actually needs support than a rigid routine.
Winter may require more
In summer you may use body cream every few days.
Then January arrives and suddenly your shins need it twice a day.
Normal.
Hands are their own situation
If you wash your hands twenty times a day, twice-daily moisturizer may be laughably inadequate.
Keep something near the sink.
Apply as needed.
Is reapplying a sign your moisturizer is bad?
Not necessarily.
But if you're applying the same product every hour and still uncomfortable, I would investigate:
the product
your cleanser
hot water
humidity
soap exposure
skin irritation
rather than automatically increasing the frequency forever.
The right frequency
Enough that your skin remains comfortable.
Not so much that skincare becomes a full-time administrative role.
If you're reapplying constantly, read Why Does My Moisturizer Stop Working After an Hour?