Skip Ribbon Commands
Skip to main content
Jan 31
Big I CT Talks To State Lawmakers About Flood Insurance

guerrera.JPG
​Jaso​​​​​n Guerrera​

​Everyone needs flood insurance, but n​ot enough people buy it, Big I Connecticut told state lawmakers yesterday. The remarks came at an informational forum held at a joint meeting of the state House and Senate Insurance and Real Estate Committees at the Capitol. 

Big I Connecticut Vice-Chair of the Board Jason Guerrera, CSRM, of USI Insurance Services in Glastonbury appeared before the panel. He was joined by Assistant Vice-President of Government Relations Travis Wattie, MPA, CPCU, AINS, API. State Representative Kerry Wood (D – 29th District) and State Senator Jorge Cabrera (D – 17th District) moderated the event. Wood and Cabrera co-chair the Insurance and Real Estate Committee. 

The informational session was a response to the heavy rainstorms that caused flooding in some parts of the state last summer. Many residents and businesses discovered that they were uninsured against flood losses. 

Guerrera explained to the House and Senate members that the independent insurance agent's job is to educate buyers about the nature and scope of all the risks they face, including the risks of flooding. However, he said, “Ultimately it's a risk financing issue." High mortgage rates and food prices impact consumers' insurance purchasing decisions. A flood policy insuring a home in a low- to moderate-risk flood zone is $600 to $800. It can be four times that amount for a home in a high-risk zone. “Many people cannot afford it," he said. He estimated that 10 to 20% of properties carry flood insurance. 

Wattie spoke of the importance of independent insurance agents to their communities. “They work with the people they're looking to protect," he told the panel. Their top priority, he said, is “making sure that their customers understand their risk profile and understand the insurance solutions that are available to them." However, he also cautioned lawmakers against imposing a new requirement that agents obtain signed declinations of flood insurance offers from customers. A similar requirement for auto insurance in New York created a backlash. “It wreaked havoc to the point where legislators quickly came back because they were inundated with angry constituent phone calls." 

Guererra told the panel that agents are educated about flood risks and insurance because of existing continuing education requirements under state law. The National Flood Insurance Program also offers courses for agents who want to learn more. 

A video recording of the forum is available to view at https://ct-n.com/ctnplayer.asp?odID=24204 (Big I CT remarks begin at the 45 minute mark).

Comments

There are no comments for this post.

 ‭(Hidden)‬ Blog Tools