Specializing in Business, Home, Auto, Life, Health, Group Benefits, and Bond Insurance in Albany, Schenectady, Saratoga, Troy, NY and beyond.
A Letter from Our President
![Chris Brassard](/img/~www.teneyckgroup.com/cab.jpg)
With Adirondack Insurance Exchange’s recent announcement of their intent to leave the NY Insurance market many of our customers have reached out to us to inquire as to what needs to be done on their personal insurance.
This announcement combined with the current state of the personal insurance market has increased the number of calls and emails to a very high level. Rest assured we are doing our best to attend to all your individual needs and have set up this message to give you a quick summary of what has transpired and how we are handling developing alternate options for you.
As an overview:
The personal insurance market for auto and home, like most of the other lines of business in the market, has experienced a very large increase in the cost of claims and in the frequency of claims coming out of the COVID years. Insurance rates for all carriers were not developed based on this level of claim and therefore all carriers have experienced unprecedented losses. The cost to repair vehicles and homes from both the increased costs and availability of parts and materials as well as a shortage of labor are only part of the cause. Driver behaviors on the road as well as increased jury awards all go into the pot of why the insurance rates we pay are going up.
In Adirondack’s case their rates were already too low to the market and their inability to get rate approvals needed have caused them to decide to exit the market. Adirondack is only one of a good handful of carriers that are currently exiting the market. The carriers that remain are all taking rate increases and tightening their underwriting guidelines or halting taking on new customers until the market conditions improve. This puts us all in a very difficult environment.
With that background here is what Ten Eyck Group will do to assist you in seeking an alternate insurance company for your needs:
• We will work to offer you an alternate insurance carrier quote prior to your next renewal date.
o Please keep in mind that we may need some updated information from you to make sure we are aware of any changes in your fact pattern so that the quotes we do are accurate and provide the coverage you need.
o In many cases premiums will be higher than you have been paying since Adirondack has been artificially low in their premiums; rest assured we will work with you to offer ways to keep your costs reasonable without sacrificing the coverage you need.
• If you have received a letter from your Mortgage company advising you that your insurance carrier does not meet their guidelines, please send us the letter and we will work to offer an alterative sooner if your renewal date is too far off.
• If you have some other concern or immediate need, please leave a message on this line and one of our team members will return you call as soon as we are able. Please be patient as we are responding as quickly as possible given the circumstances.
• Please also keep in mind that Adirondack is open and currently managing claims. The NY Department of Financial Services oversees, controls, and approves how they exit the market. This is a fairly long process.
• While Adirondack would like to accelerate the pace of their exit, NY typically limits the pace.
• Should Adirondack reach a financial decline that would affect their inability to pay claims then NY regulations provide a financial backing to pay claims up to $1M. Adirondack is not at this point.
• We will continue to monitor the situation and will work to provide you with alternate quotes as described previously.
Thank you for your understanding and please let us know if you have other concerns or needs.
Why Choose Us
Ten Eyck Group will take the time to understand your needs prior to making coverage recommendations. Once we determine what you need we will then find the carrier with the best coverage and price for you. Focusing on price first without a mutual understanding of your needs is a mistake many people make. Insurance advertising over focuses on the price you pay rather than what you need. The ultimate cost of your insurance may not be evident until you have a claim. We will help guide you through the process with minimal fuss.
Get Insurance That Will Fit Your Unique Needs.
As an independent agent we can offer the right coverages at the right price without sacrificing professional service. Ten Eyck Group will be there for you when you need us.
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The Ten Eyck Group has been in business since 1905. We are a business built on relationships. It is our mission to put our clients first, always do right by them and never lose our sense of purpose. Our purpose is to help people in need. Loss can be devastating and we take it personally because it’s why we are here. We are here to help you plan, prevent and protect all that you hold dear. If and when the unspeakable happens, we will be there to help you pick up the pieces and rebuild your world. The right insurance is key and the right agent can make all the difference in the world. At the Ten Eyck Group, we pride ourselves on our talents, experience and purpose.
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