Photo by Frames For Your Heart on Unsplash
If you’re a homeowner or business owner, you know one of your biggest headaches in recent years has been the challenge of insuring your assets.
Published reports indicate insurance companies have lost money in 18 states.
As a result, even if you can obtain homeowner insurance, rates have skyrocketed. Insurance companaies have increased premiums by 5o percent or more. They have slashed coverage or they have even been leaving states.
It’s certainly a crisis in California.
Meet Robert Feldman, CEO and co-founder of WOWS Fire Insurance Services in Westlake Village, CA, wowsinsurance.com. He has solutions for insuring luxury homes in California.
Mr. Feldman answers key questions about the crisis:
1. Regarding the crisis in homeowners’ insurance, how do you assess the problem and solution?
Today’s fire insurance crisis in the United States isn’t due to anything new. It started 10 years ago and has been escalating the entire time.
It’s an ideal example of Einstein’s theory of insanity: doing the same thing over and over and expecting a different result. Instead, it just becomes more so.
That’s why insurance companies are now cutting back and pulling out of markets where they can no longer afford to sustain significant losses. The fire risk landscape is constantly evolving. And the insurance industry needs to change with it.
Technology solutions aid in addressing this rapidly and constantly unfolding environment.
Success to big data cutting-edge analytic solutions and location intelligence assist us in doing so. This allows for a creative approach to addressing the proximity or spacing of homes, one that is more sustainable and, over time, will reduce the cost for homeowners.
2. Please tell us about your 25 years’ experience.
Having been an insurance professional for 25 years, specializing in placing insurance in fire zones, I’ve seen this happen and been on the front lines as the situation got worse and worse.
It’s time for things to change. Homeowners insurance needs to be reengineered. Change is not only possible but also essential. That is the solution to this serious issue. That’s why I co-founded WOWS Insurance Services with Joel Silver and Drew Engler. We believe it’s the blueprint for reengineering the insurance industry.
“Homeowners insurance needs to be reengineered.”
3. What attracted you to your profession?
First, I started at the bottom in the insurance industry 25 years ago and I’ve never stopped learning. That experience is essential in any endeavor and in all industries. It’s how you learn what works and what doesn’t.I’m also extremely tenacious and work with tremendous speed. These qualities are essential for all leaders.
How did I get there? My father-in-law was a senior executive at a major insurance company and realizing that I had the necessary skill sets recruited me. That was based on him watching me sell successfully in another industry.
4. What is the mission of WOWS Insurance Services?
Having been an insurance professional for 25 years, specializing in placing insurance in fire zones, I realized that it’s time for things to change. Homeowners insurance needs to be reengineered. Change is not only possible but also essential. That is the solution to this serious issue. That’s why I co-founded WOWS Insurance Services with Joel Silver and Drew Engler. We believe it’s the blueprint for reengineering the insurance industry.
5. How do you work with carriers and/or brokers?
WOWS Insurance Services is a Managing General Agent. We work directly with the brokers we appoint throughout the state of California.
6. What about the insurance coverage if a homeowner sells the property?
One of the interesting changes WOWS has created is that the homeowners insurance policy is really transferrable from seller to buyer. This helps stabilize the real estate and insurance market at the same time. Based upon the opinion of many real estate professionals across California, this new program is apt to maintain and also increase homeowner values…a true win/win for all concerned. Reinsurers are supporting the program, too.
7. What if a policyholder also owns a business?
Many consumers are also business owners. As insurance brokers we strive to make sure we solve the consumer’s needs. As you know, WOWS is serving the residential real estate market. When one of our insureds needs help commercially, we work to navigate them to the brokers who can assist.
“…leading the way for the insurance industry to change.”
8. You have introduced an innovative product. What is it? How does it work?
WOWS Insurance Services has launched an innovative new product that provides homeowners coverage for high end properties in the state of California and is leading the way for the insurance industry to change. As a result, insureds can get protection and ease skyrocketing homeowners insurance costs, saving up to six figures. And when it’s time to sell, this coverage is transferable, adding a premium touch to their listing, enhancing their property, and standing out to potential buyers.
This is the first ever policy to do so. It also will add stability to the real estate market, possibly avoiding the feared decline in both home sales and market value. Based upon the reaction of real estate professionals across California, this new program will not only maintain but also increase homeowner values…a true win/win for all concerned. Reinsurers are supporting the program, too. This also provides insurance brokers with an advantage in fire insurance coverage, standing out from competitors.
9. What is the process for your clients?
The process for the consumer is to work with one of WOWS Insurance Services appointed brokers. When needed, we are pleased to facilitate an introduction.
10. What else would you like to add?
The most important thing is to realize that the industry needs to change. WOWS has created the blueprint that can facilitate that. It will take time, but there is no time like now to get started.
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“Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.”
-Marie Curie
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