‘Bad faith’ bill endangers NJ insurance market
The decision to buy insurance is one of the most consequential decisions a person or family can make. Insurance gives us the peace of mind knowing the ones we love will be protected in the event of an unforeseen accident or emergency without the debilitating fear of financial ruin.
New Jersey is already one of the most expensive places to live with some of the highest taxes in the nation, without even considering the added cost of insurance. Instead of trying to ease this financial burden, the New Jersey Legislature recently introduced a bill that could force carriers to exit the market and severely threaten the ability of independent agents like myself to provide Garden State residents with quality, affordable insurance options.
Independent agents provide a necessary service in New Jersey. As small business owners, we are on the ground in local communities, which gives us an intimate understanding of the specific needs and issues affecting the local population. With that knowledge, we carefully walk our customers through different coverage options based on a host of factors, including familial obligations, business needs and affordability.