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Beware of Underinsurance

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Advice from Chappaqua’s Nicolaysen Agency on Tackling Common Insurance Issues

Interview and Photos by Matt Smith

Erik Nicolaysen III (left) and partner, Randy Coon
Erik Nicolaysen III (left)
and partner, Randy Coon

In 1929, broker Erik Nicolaysen founded Erik Nicolaysen Insurance. Nearly 30 years later, in 1958, he handed the reins over to his son, Erik Nicolaysen III, who then took charge of the company. In 1972, after a lengthy period of nasty flooding resulted in significant water damage — “we would flood three or four times a year” — Nicolaysen III rebuilt the building on piles from the ground up, and renamed it Nicolaysen Insurance Agency, Inc. And, of course, both that very building and the business still proudly stand today.

Below, Mr. Nicolaysen and Randy Coon, his insurance partner since the early ‘90s, discuss the questions they receive most from New Castle families, and offer their advice on how to combat the issues these questions bring up.

What are the most pressing insurance questions or issues facing suburban families?

Nicolaysen: The question of driving, which is a problem with younger children. We do have a major problem with distracted driving and driving under the influence. There was a 14% increase in deaths by vehicle in the first six months of 2015. Additionally, though [driving under the influence of] alcohol remains an issue, now people are [driving under the influence of] other drugs and medication — that has become a growing problem as well. Even with the restriction on cell phones, etc., there are still too many accidents occurring.

Beyond that, I don’t think there are any major pressing issues. Fortunately, up here, we don’t have the same problem of hurricane damage and flood damage as they do along the Long Island shore, or on Long Island itself. It’s mainly a matter of families wanting reassurance that they have adequate insurance. [In terms of questions, homeowners are] usually looking for recommendations as to what kind of coverage is [appropriate]. They’re particularly asking for the amount they need to replace the house. It’s a lifestyle question … [we have to evaluate] do they have jewelry, fur, collectible cars? Are they into boating? That type of stuff. [Mostly, it’s] life insurance questions for families, et cetera.

Coon: I think it’s a question of home valuations: There can be a tremendous difference between market value and rebuilding cost. Of course, we see confusion from the consumer regarding the idea that they should insure for the market value of their home. We must deal with the rebuilding cost, which has a different set of criteria. I think that’s definitely the biggest issue people have when it comes to dealing with personal homeowner insurance. Again, the cost of rebuilding a home (i. e. after a fire) can be dramatically different from the purchase price of that home.

What are the biggest mistakes people make when addressing insurance needs?

Nicolaysen: Usually underinsurance. [Also] inadequate limits and inadequate coverage. Nationwide, about 50% of all homeowners are underinsured. We’ve had losses in the area, whereby [people have sued]. [Depending upon] the amount of insurance that was carried, you periodically see a lawsuit where the [insurance] company is being sued for underinsurance. But again, people take a look at cost [and set limits] and say, “well, this is the maximum I want to spend, no more,” whether or not it provides what they need.

Coon: They’re influenced by low price, which often results in underinsurance. That’s not just in terms of the dwelling limit (which helps to pay for the rebuilding and repair of a home if it’s damaged by a covered hazard) … homeowners may also neglect to insure or underinsure other items, such as collectibles, jewelry, artwork, etc.   

Nicolaysen: We see people who own their own homes and they have certain policies … [and then they] come in with minimum limits of liability, protecting them personally. Yet, they’ve got high priced cars, they’ve got a home, et cetera. Some of them may have an umbrella policy (coverage for that personal liability), but their basic auto [insurance policy] is so low, there’s a major gap between one and the other. To be properly insured, the two policies must be contiguous.

Coon: People that employ a full-time domestic have created an exposure that is not covered by a homeowner policy. As agents, we just need to address that issue to protect our clients.

Nicolaysen: [In the case of homeowners repairing damage], to bring in a contractor and rebuild from the basement up is going to cost more than what that house can sell for. So, that’s why we talk about making sure that [people] insure the value [of their home], i. e. what will it really cost to  reproduce that house? [Customers consistently] look at the sale price, and equate one as the other; that is dangerous.

How do you recommend people combat being underinsured?

Coon: I think what they should do is take a look at their total exposures, and then really determine what exposures they can self-insure or what deductible [amount] they can handle [paying before the insurance kicks in]. They can [also] increase their deductible [amount] to offset [insurance] costs, [but] that [may have] an impact with some companies [and not so much with others]. Lowering cost should include very careful consideration so as not to increase risk.

In closing, do you have any other final advice, tips, notes, or words of wisdom?

Coon: There’s no exact science to all of this. You call ten different companies and it’s more than likely that you will obtain various potential rebuilding costs. There are insurance carriers and agents that, due to competition, are willing to offer lower limits and, in turn, lower premiums to get the business. Caveat emptor!

Nicolaysen: All insurance policy contracts have a penalty clause in them, which can cause pain if you don’t insure the home to an adequate value. The insurance company won’t say, “All right, you have a $100,000 loss, but you have a half million dollar policy, so we’ll go ahead and pay the $100,000.” What they’re going to say instead is: “you should have had a million, [but] you’ve got a half a million. Therefore, we’re only going to pay you sixty or seventy cents on the dollar of your claim.” There can be a financial penalty if you don’t insure at full value.

Coon: In order to protect your assets from a lawsuit, I would recommend that the clients [make sure that their] overall personal liability limit [is] at least equal [to] their net worth. We would recommend that they leverage their insurance to protect their assets and standard of living. (This type of coverage is provided by an umbrella policy).

Nicolaysen: [I’d say] just make sure their insurance is adequate [enough] for their exposure. That’s really all there is to it.

Currently, Nicolaysen Agency, Inc. — licensed in 15 states — serves the personal insurance needs of 2000+ individuals and families. In addition to personal coverage, Nicolaysen offers business coverage and other financial services. The agency currently represents Chubb, Travelers, Hartford, GMAC, St. Paul, and Selective, to name a few, for personal lines with access to some 30 companies for commercial coverages. Nicolaysen Agency, Inc. is located at 77 S. Greeley Ave. For more information, please visit www.nicolaysenagency.com.

Little Red White Blue Lies

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By Dan Levitz

Many first-time parents realize quickly that honesty is not always the best policy. Situations with children arise where it’s just sensible and prudent to deny them the truth which, if told, may cause fear, anxiety, or any reaction a parent would want to avoid. For example, think of all the kids comforted by their dog or cat going to that idyllic farm upstate. You know, the one with the pet-loving owners with acres of golden sun-soaked fields for Socks or Trixie to romp in unencumbered. Eventually children may catch their parents playing with the truth to be kind: “Mom, why do you now say Aunt Roberta looked like a stuffed sausage in those jeans when you told her she looked cute?” We explain that sometimes in life one may have to be a little dishonest simply to not hurt another’s feelings. The discussion of The Little White Lie can lead to an important moment in a young child’s maturation as they come to realize a rule like “Lying is wrong” absolutely has exceptions. This may be the moment where a child learns that life is not as simple as black and white.

The presidential election is about a year away, but the fun and games have already begun in earnest. Before the leaves of 2015 began to turn, mud had already been slung, party saviors self-appointed and political debate is in the air. I have strong opinions about issues, policy and, most of all, candidates. Believe me, I could go on and on about this candidate who, for many, is refreshingly not politically correct (and, to others, a vulgarian) or that candidate who some see as the latest representative of an exhausted political dynasty (and, to others, a nation’s savior whose turn has finally come ’round). However, when talking about politics, especially with friends, neighbors and relatives, I know from hard-learned experience that a Little White Lie of silence is generally the best policy. And, believe me, I’m using imagery of children with this type of lying quite intentionally!

Years ago, we had a dinner party where a college buddy of mine aggressively offended just about everyone with his political bombast. From fried calamari all the way to the appropriately flavored blood-orange sorbet, our friends felt assaulted. That night, I learned the sanctity of the seating chart and, more importantly, how one must tread cautiously in the context of politics and personal relationships. An even greater lesson was to just keep my mouth shut. You see, I agreed with everything my friend said, but by dumb luck or a rare sensible instinct on my part, I somehow kept my opinions locked down.

Let’s say I’m on line at Lange’s Deli to get my ham & egg on a roll, and another fellow starts with the political chit-chat. The specifics are irrelevant. I go into full political Omerta. I never thought I could truly identify with the characters from Goodfellas, but, in this scenario, De Niro was right about the most beautiful thing in the world: “Always keep your mouth shut!” Especially if the person next to you wants to get into Hillary, Jeb, The Donald, Guns, Gay Marriage, Obama-care, Bernie, or Carson. Or maybe The Godfather had it right when he said, “never tell anyone outside the family what you’re thinking.” I have to admit, it’s not at all bad feeling like a connected guy in these otherwise mundane scenes from real life.

When basketball immortal Michael Jordan was at the peak of his playing days, he was asked to endorse a Democratic African-American candidate from his beloved home state of North Carolina. His Airness flatly refused, and infamously explained that “Republicans buy sneakers too.” At the time, I felt disgusted and betrayed. The cynicism of his response was crass and shocking. I think for many people, that moment destroyed his image of something more than just an athlete/businessman. However, I can’t help but think that if he had just kept his mouth shut about his politics (or lack of political commitment), he might have maintained the transcendent high-regard he’d experienced up to that point. Eiether way, there is power to be gained from the restraint of keeping it to yourself.

I’d be remiss to at least not touch on social media in regards to political discussion. Ugh! I’m something of a lurker, keeping virtually quiet, but the “discussions” there are just astounding and often times vicious. Between memes, links and video, what used to be just a vigorous verbal debate can now devolve quickly into a full blown multi-media personal attack. I think the false feeling of distance provided by typing in your underwear allows people a frankness and directness that, in real life, would be amazingly inappropriate. Again, I urge restraint and civility, especially when online.

It may sound counter-intuitive or passive to deny expressing one’s opinions when confronted with a conflicting view. As a young man, I would never back down from any kind of discussion especially if my sensibilities were offended. However, the idealism of youth tends to mellow towards a more realistic perspective; one forged to make it easier to just get through the day and simply avoid those inevitably unwinnable political debates. The political, issue-oriented milieu is not one that results in agreement or positional adjustment. Now, if you’d like to debate Yankees vs. Sox (not this year!), Beatles vs. Stones (not easy) or evolution vs. creationism, I’m right there ready to go. Well, then again, maybe not that last one!

Dan Levitz, an art dealer and writer, has lived in Chappaqua for 12 years and has a blog on The Huffington Post.

Reframing Loss and Gain

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Apple picking with the family in 2014: From left, Timothy Radice, Gabriella Radice, Gavin Radice, Kourtney DeRosa-Radice.
Apple picking with the family in 2014: From left, Timothy Radice, Gabriella Radice, Gavin Radice, Kourtney DeRosa-Radice.

By Kourtney DeRosa-Radice

Not too long ago, I was 85 pounds heavier than I am today. I moved to Westchester, had two children back-to-back and pretty much put my needs and wants on the back burner.  I prepared my children organic baby food, dressed them in the cutest little outfits, brought them to those fancy gym classes for little ones and LOVED them beyond words.  However, my self-care was another story. I started eating frozen processed foods, traveled around in faded black sweatpants, canceled my gym membership, and pretty much stopped caring for myself. My days of being that women I once was were now gone; this was the new me, the new mom me. My priorities were different and that was okay, or so I told myself.

One day, after getting a glimpse of a picture of my kids with a “stranger,” aka mom, I decided to take action and started a journey down a road that would eventually lead me back to the women I once was, the women I loved and knew so well. Ironically this journey pretty much mirrored all that I had been doing for my children. My days started consisting of eating mostly clean, non-processed foods (similar to what my children had been eating), completing daily workouts (though not at fancy gyms like my kids) and dressing like I was leaving the house (even if I wasn’t).

The result of my efforts was a huge weight loss, which I am congratulated about daily. Each day I hear the words, “Wow, congratulations on your loss…” “Awesome job with your loss…” “You must be so proud of your loss…” Hearing the word loss day after day, used in such a positive manner feels odd. I had been programmed from a young age to think of loss as a negative. I’ve always connected loss to sadness. I’ve connected it to stress and aggravation.  I’ve viewed it as loss–not gain.

Then, one day, after being at a Moms Night Out and talking about my loss yet again, I had that “ah hah” moment.  You know, those moments when you realize you need to rethink our thinking! Wait, I thought. my weight loss isn’t the only loss in my life that has been positive. I quickly went through the moments in my life where I experienced sadness as a result of loss.

I thought about my husband losing his job on the trading floor when the markets went electronic. I thought about losing a beautiful home in Pleasantville in a bidding war. I thought about losing out on what I thought was my dream teaching position in Westchester. Then I thought about what I gained from each of these experiences. My husband losing his job led me to become a nutrition coach which has allowed me to support hundreds of people with their weight loss. Losing our dream home in Pleasantville encouraged us to expand our search and this led us to finding a home in Armonk. And that dream job–well, had I been offered it, I would have never decided to stay at home part time with my children. This idea that a loss could actually bring you to a happier place, a healthier place, an all around better place was now clear in my mind.

As we approach the Thanksgiving Holiday and I continue to think about this whole idea of loss I can’t help but wonder if everyone already knows what it took me 36 years to figure out. Do people know that loss, though negative in some aspects, can also be positive as well? Do people know that sometimes a loss is actually just a gain in disguise?

This year things will be different at my Thanksgiving table for sure. For one, the food I typically prepare will be getting a facelift. There will be no marshmallows on my sweet potatoes and no cream in my corn. There will be no green bean casserole with cream of mushroom soup and no gravy on my turkey. There will, however, be a revised list of what I am thankful for. This year I am going to take a step back and reflect on all that I have lost. I plan to give thanks for all the loss in my life that has brought me to the place I am today. Sometimes it is hard to see the positives in loss, but, when you put on those special lenses, they begin to jump out at you.

With this I challenge you to go beyond only giving thanks for what you have gained this year and, instead, think about what YOU have lost. Have you experienced a loss this year, which has inadvertently led to a positive in your life?  As you sit at your Thanksgiving table and you give thanks for all the gains you have attained, remember to include your losses too. After all they deserve to be thanked as well.

Kourtney DeRosa-Radice is an Armonk mom, public school teacher and Team Beachbody Health and Fitness Coach.  When not enjoying her children or teaching her students she devotes her time to assisting clients in reaching their health and fitness goals. Kourtney can be reached at: Kradice@beachbodycoach.com

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It Takes Courage

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Beth Besen
Beth Besen

Ever stare at a blank piece of paper, or, in today’s terms, a blank screen, and wonder what to write? Trust me, it can be daunting! Perhaps it’s what inspired Ernest Hemingway to pen Courage is Grace under Pressure.

Seriously though, what is courage? And where is it found? It’s been described by many, and in many ways. Our cover story speaks to the courage one family found to move on after the untimely passing of their son and brother. They, their friends, his friends and the greater Armonk community remember and honor Jamie Love each year with a 5k run. Most of us are deeply fortunate in that we have not had to experience the nightmare that is the loss of a child. To come from that dark place to a wish for others to laugh and smile in Jamie’s honor is truly an act of courage as well as love.

Giving of ourselves is another way we show courage. While we are all familiar with the Golden Rule, “Do unto others as you would have them do unto to you,” it isn’t always easy to step up and make a difference in others’ lives. In simple Darwinian terms, we’re programmed to put ourselves first. Time is precious, and truly as big a gift as many other resources. Those who make time to volunteer are not only doing good deeds, but showing that they can put aside their atavistic me-first tendencies. Our story, Neighbors Feeding Neighbors in Body and Spirit, describes the many ways local lay individuals and clergy members make our world a better place.

On the other hand, there are those among us who find it quite hard to say “No”. Psychologically speaking, they’re called “people-pleasers”. In general, people pleasers want everyone around them to be happy and they also often crave others’ approval. It’s a perfect-storm way to over-schedule and under-care for oneself. Consider the upcoming Thanksgiving holiday. We love and look forward to it year after year; the traditions, the feast, the time off from work and school…and the chance to be with our friends and family. But, what if we’re not a Hallmark movie? What if we can’t house everyone or set a Martha Stewart table? Let’s have the courage to say “yes” to what we can do, and “no” to what we can’t. If you turn to When An Air Mattress Just Isn’t Enough, you’ll find we’ve gathered a list of great local lodging options that can help ease the strain of holiday hosting.

And speaking of Thanksgiving Traditions, make sure to read our fun piece on this very topic. Discover what some of your neighbors plan to do, maybe find an inspiration or two you’d like to try for yourselves! Chez moi, I know we’ll watch the parade in our PJs while cooking and setting up for the holiday dinner. I’m especially thankful to have my family coming to me this year, including one of my brothers, his children and his ex-wife! I admire their civility, and, yes, their courage in putting negative issues aside in order to celebrate the positive and make the holiday family-centric for all the children.

Election Day fast approaches. Do you know what positions are up for the vote in North Castle?

We offer a very helpful overview in They’re up for the Vote!; I highly recommend acquainting or re-acquainting yourself with the candidates. I’m volunteering to help at my polling place for the first time this year, and, I don’t mind sharing, I’m a bit anxious about it. I attended two evening workshops, but they both took place last summer. What if I can’t remember all the rules? Still, my sense of reason tells me I’ll be ok, that others with more experience will be available to help me and, more to our point about courage, that I owe myself the chance to prove myself as well as fulfill a great public service.

When we try something new, when we take that first step into the great unknown, we’re actually making the proverbial “leap of faith’. If you think about it, courage and faith actually walk hand in hand all the time. Psychotherapist Jodi Baretz describes the process in greater detail in “Life Begins at the End of your Comfort Zone.” And, back in September, my rabbi, Rabbi Jonathan Jaffe of Temple Beth El, delivered a very thought-provoking sermon on The Meaning of Faith; among the many takeaways, I share the following with you: Faith springs from the large gap between the two poles of certainty and absurdity…occurs when I am asked to act irreversibly upon only partial evidence…is not a matter of belief, as belief does not ask anything of me…is a matter of action, in which I am called to make a commitment based upon my convictions.

When Inside Press Publisher Grace Bennett approached me to help her launch this magazine, we knew each other very little and had only worked together once or twice previously. She took a leap of faith, as did I. And you, our readers and merchants, showed faith and courage too. You welcomed us and gave us the opportunity to become The Magazine for North Castle and Beyond. I’ll be stepping down as Executive Editor but will continue to contribute from time to time. So, this is not goodbye, but a fond farewell for now.

Happy Holidays, best wishes and, until the next time,

-Beth

9 Don’ts and Do’s for your First Year at College. Real Advice From a Rising Sophomore

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Chappaqua-September-44

By Sarah Jane Weill

1. Don’t: Bring your whole closet

Don’t get me wrong, clothes are important. I love all my clothes, so I know how hard it is to choose your favorite clothing items. But when you go to college, you have to make hard decisions like this. Put it in perspective: there really isn’t space in your tiny dorm room to store your entire wardrobe. If you’d rather not have to store socks in your desk drawers and sweaters under your chair, remember to pack selectively.

2. Don’t: Skip over that obscure Art History class

Or whatever class’s course description makes you want to run in the other direction. It may sound weird, but take a chance and sign up for it. Sometimes the best classes are the ones that have nothing to do with your major. Maybe this class will open up your mind, maybe it’ll be a good conversation piece 20 years from now or maybe it’ll give you a good laugh; but either way, it’s an experience that might really be worth having. After all, college is about learning, isn’t it?

3. Don’t: Send emojis as a form of communication to your professor

We all know that texting wouldn’t be texting without the use of emojis. But emailing your professor is not the same thing. It is, in fact, a more serious task. This means using full words (text lingo can be confusing, TBH), proper grammar, capitalization and no emojis. If you’re worried about writing out your thoughts only in words, relax, it’s not as hard as you think. So, save the emojis for your BFFs who will think they are cute and funny, unlike your professors. (Got it? *winky face, *smiling face, *thumbs up)

4. Don’t: Make doing laundry harder than it has to be

Ok, I’m going to say this once and only once: detergent pods are your friends. Let’s be honest here, odds are doing your own laundry is not something you are particularly used to, and you might be a little bit hesitant before doing your first load. But after putting it off week after week, the only clean clothes you have left are two mismatched socks and a pair of jeans. Don’t freak out! Avoid the classic rookie mistake (putting in too much detergent) and simply use pods; all will be well!

5. Don’t: Overdo it when buying your school paraphernalia

You have four years to don your school colors, and just as many years to stock up on all the necessary spirit-wear items. So you don’t have to go buy up the whole store on the first day. Instead, limit yourself to one sweatshirt, maybe one t-shirt too. But that’s it. You don’t need a complete set of school logoed socks, so put them down! Remember this isn’t only about money: there’s that whole space issue again (see above on how many clothes will fit reasonably in your room). And at the end of the day, you really just don’t want to be that kid who is your school’s biggest fan.

6. Do: Wait to buy school supplies at the college bookstore

This one probably applies to your mom. She’s been taking you to Staples since you were in kindergarten for that perfect color-coded set of notebooks, folders and binders at the beginning of the year, and she’s reluctant to give up this tradition. But tell her it has to be done. You don’t need to do all that shopping at home because there’s a huge school bookstore with all the supplies you could ever want. If your mom is really distressed over this change, you can let her shop there with you! Crisis averted.

7. Do: Use textbooks as more than a giant paperweight

They’re heavy, they’re huge, and you might be thinking: “who cares?” But, believe it or not, textbooks hold a vast range of knowledge that most likely will be useful to you at some point. I’m not advocating carrying them everywhere you go; that’s just not realistic. Just make sure you open them every once in a while (cough, cough: exams!) If you’re feeling really ambitious, I’d advise skimming your weekly assignments so that you might understand your professors’ lectures.

8. Do: Take deep breaths when the wifi is slow and Netflix isn’t loading

It’s your worst fear, and, yes it happens. Sometimes it’s the weather, and other times it’s just the amount of people online, but sooner or later the wifi will be down. Of course you’ll be watching Netflix, because you’re “taking a break from work.” But without that almighty power connecting you to the worldwide web, that little loading wheel will just spin to your utter irritation. Don’t panic. This will end. Try, if you can, to look at the bright side: instead of watching another episode of Friends maybe you can catch up on some well-needed sleep. Or you can just keep waiting. And waiting. And waiting. And Waiting.

9. Do: Make sure you convince your parents that you miss them more than your dogs

This is crucial, for obvious reasons. No explanation necessary.

Sarah Jane Weill is a rising sophomore at Bowdoin College.