VIDEO: “This is a flood, this is covered, this isn’t, it never flooded before, do I need flood insurance? There has to be a better understanding so people understand what kinds of insurance they should have”, Senator Singer – who himself suffered about $35,000 of damage to his home from Hurricane Sandy, said.
Following Hurricane Sandy, thousands were baffled with similar questions.
In this exclusive video, Senator Robert Singer discusses the Insurance issue, and what he proposes to do about it.
Senator Singer also spoke about the tough times the County faces after tax ratables from the Barrier Islands and other County municipalities were wiped out, causing millions of dollars of lost revenue for the County.
The Senator also took JCP&L to task, saying their response during the Hurricane, was a ‘major, major problem.’
Watch the video below for the full interview.
Thank you Senator Singer for your important message about insurance. As a local insurance agent I agree with you that unfortunately insurance is often misunderstood. I would like to shed some light on one of the major reasons why this is so. It has been proven that over the last ten years some of the monster insurance companies like Geico and Progressive have altered the marketplace in multiple ways. With their massive marketing efforts and promises of fast and cheap coverage they have changed the traditional role of the agent from one of trusted and knowledgeable advisor to a peddler of commoditized products. It is often the cheapest rates, with very limited understanding of the product itself that people are looking for. Of course, having a fair and competitive marketplace as a result of the NJ Auto Reform Act is of tremendous benefit to the consumer. However, insurance is not a bottle of soda that you can get on sale at your local grocery. It must be tailored to meet your risks, and most importantly, cover you, your assets, and your family properly.
As an independent agent serving the Tristate area, I saw the damages and aftermath of Hurricane Sandy firsthand. As a rule, those that were covered with the excellent insurance companies and had an agent to help them were treated well. That was the case even in the devastated Long Island and Jersey Shore areas. Even if not every business or client had every coverage, those with an independent agent knew who to call for answers and assistance. Additionally, you mention that there are situations where people were covered, but they are still waiting for payments. One of an independent agent’s primary responsibilities is being your advocate and helping out when you have an issue. We had many claims that were initially denied or offered low settlements and after our intervention got paid or got a much higher settlement.
It is unfortunate that the topic of insurance was brought to the forefront in such a devastating way that left so many hurting. Let’s hope that everyone hears your words and takes action to become more knowledgeable in order to better protect themselves. I am sure that all independent agents welcome this discussion with open arms. It is our privilege and pleasure to educate, and work together with the people in our local communities so that they know and understand more about the product they are purchasing and the service that we are providing to them.
Avi Wilhelm,
Vice President
The Wilhelm Agency, Inc.
http://www.wilhelmagency.com
Good information, Bob. Avi is right. The national insurance companies dwell on lower pricing, where proper coverage is not often considered.
Insurance needs to be effective, to avoid disastrous loses. Each home needs to be assessed, to insure a proper balance between coverage and cost.