Our Clients, Across Generations

August 10, 2018
|In In the Community
|By McMahon Insurance

We have around a dozen clients who have been with us for over 50 years -through demolitions, rebuilds, elevations, etc.  Property values starting at $7,000 to recent assessments of over $800,000. One of our longest clients has been with us since 1965. That’s 53 years, across 3 generations of family members.

What was it like in 1965?

  • Wonderland Amusement Park in Ocean City, NJ first opened on the boardwalk and 6th street, which is now Gillian’s Wonderland Pier
  • The 76ers finished 1st in the Eastern Division thanks to Wilt Chamberlain
  • The Flyers didn’t exist yet
  • The Phillies played at Connie Mack Stadium
  • The Eagles played at Franklin Field on the University of Pennsylvania’s campus
  • “Wooly Bully” was the top billboard song
  • The film “The Sound of Music” was released
  • The Beatles released the Movie and Album “Help!”.

How Much things cost in 1965

  • Average Cost of new house $13,600.00
  • Average Income per year $6,450.00
  • Gas per Gallon 31 cents
  • Average Cost of a new car $2,650.00
  • Loaf of bread 21 cents

The insurance industry has changed a lot since then…

The first homeowner’s policy was introduced in September 1950, but similar policies had already existed in Great Britain and certain areas of the United States. Prior to the 1950, there were separate policies for the various perils that could affect a home. A homeowner would have had to purchase separate policies covering fire losses, theft, personal property, and the like. During the 1950’s, policy forms were developed allowing the homeowner to purchase all the insurance they needed on one complete policy.

The Haney Lloyd Chattin Agency, later known as Chattin Halliday Agency and ultimately McMahon Insurance Agency, was located at 1315 Asbury Avenue in Ocean City, NJ in 1965.  Homeowners policies changed from five to three year terms, then eventually in the 1970s changed to a 1 year term.

The industry began moving toward the goals described by John A. Diemand:
“… the business of insurance should be conducted in such fashion that it supplies to those who wish it the widest possible coverage, in the simplest possible contracts and at the lowest possible rates ….”The policyholder wants protection against any form of loss which he might suffer with respect to his property, his person or his business.”

This philosophy is still with us today as we service generations of families across their homes, beach homes, boats, cars, and businesses.

To learn more about the history of insurance visit here

Today, we are keeping up with technology, using the most recent cloud-based software available. McMahon Insurance Agency is invested in technology believing it will offer our clients the best possible service. For example, we have a 24/7 claim team to assist in case of a loss at anytime. We also offer our clients a portal which gives access to their policies and insurance information anywhere at anytime. If you are a current client, you can request access to your portal here.

We will continue to evolve with technology and with the world around us and look forward to serving you and your family for many more years to come!