The New York Insurance Association, Inc. (NYIA) Board of Directors did not have to look too far to find a strong successor to its high achieving President of many years who is headed to retirement. Ellen Melchionni, current president of NYIA, will retire effective December 31, 2024. Cassandra Anderson will assume the presidency on January 1, 2025. That’s great news for NYIA members. We have known and on occasion worked with both of these astute executives who demonstrate that experience on the Hill and on the front lines with members, large and small, pays off for this vital New York business sector. Brava, Ellen. And “break a leg” Cassandra on your important Albany stage.

Of course, one of the initiatives that every insurance association executive faces sooner or later is teh public’s utter lack of command when to comes to the subject of insurance ( the other one is insurance fraud). Consumers have many questions about insurance coverage, according to a new survey shows that even the most discerning policyholders do not fully understand the intricacies. Ahead of National Insurance Awareness Day on June 28, Trusted Choice–the national consumer brand representing the members of the Independent Insurance Agents & Brokers of America (the Big “I”)–surveyed consumers about their insurance acumen.

While 86% of respondents said they had a strong understanding of what their policies covered, when their knowledge was put to the test many were incorrect or unsure about coverage specifics.

“Because insurance protects people’s most important assets, it’s crucial that policyholders understand their coverage. But unfortunately, our survey shows there is a considerable insurance knowledge gap among consumers,” said Charles Symington, Big “I” president and CEO. “Independent insurance agents can bridge that gap by serving as a resource on coverage expectations versus realities, especially in this difficult insurance market where many people need more guidance.”

According to the survey:

Flood Damage: 56% of Americans are unaware that a standard homeowners policy does not cover flood damage.
Home Renovations: 70% are unaware that a standard homeowners policy does not cover materials or fixtures that are to be installed during renovations.
Home Inventory: 46% do not have or are unsure if they have a home inventory of major household items in case they need to file a claim.
Business Use of Vehicle: 55% are unaware that a standard auto policy does not cover business use of the vehicle.
Items Stolen from Vehicle: 44% incorrectly believe that personal items stolen from their car are covered by a standard auto insurance policy, though it is in fact a standard home or renters insurance policy that typically covers such theft.
Parking Tickets: 57% are unaware that a parking ticket, in general, won’t affect a driver’s auto insurance premiums

Therein lies quite an agenda for every insurance association executive in the US, especially our tristate region, New York, New Jersey and Connecticut where premiums are higher than most.

Have a restful summer.

Ellen, Cassandra…and an Ongoing Challenge

Steve Acunto