Friday, April 25, 2008
Tuesday, April 22, 2008
Earthquake Insurance?
FOR IMMEDIATE RELEASE
April 18, 2008
Contact: Pete Kuhnmuench or
Lori Conarton at 517-371-2880
Earthquake Insurance Option Available to Michigan Residents
LANSING – An earthquake centered in Illinois Friday morning may leave some Michigan homeowners wondering whether such losses would be covered by their insurance. Damages caused by an earthquake are normally excluded under most homeowners or renters insurance policies. However, earthquake coverage is generally available as an “add-on” to a policy, according to the Insurance Institute of Michigan (IIM).
“Although earthquakes occur most frequently west of the Rockies, some do hit the Midwest” Pete Kuhnmuench, Executive Director, Insurance Institute of Michigan said. “Since 1900, earthquakes have occurred in 39 states and caused damage in all 50 states.”
An earthquake endorsement provides protection from the shaking and cracking that can destroy buildings and personal possessions. Earthquake coverage carries a deductible, generally in the form of a percentage rather than dollar amount. Coverage for other kinds of damage that may result from earthquakes, such as fire and water damage due to burst gas and water pipes, is provided by standard home and business insurance policies. Cars and other vehicles are covered by the comprehensive portion of an auto insurance policy which also provides protection against flood and theft.
According to the IIM, cost for earthquake coverage varies depending on the type of home or building. It costs less to insure frame structures against earthquakes than masonry buildings, since frame structures have some 'give,' and are better able to withstand tremors. Policyholders should contact their insurance company to determine earthquake coverage options and rates they offer.
The Insurance Institute of Michigan is a nonprofit organization representing property/casualty insurance companies writing 66 percent of howeowners and 73 percent of the auto insurance market in Michigan. For more information about insurance, contact the Insurance Information Hotline, toll-free, at 1-800-777-8005 Monday through Friday, 8:30 a.m. to 4:30 p.m. or visit the website at www.iiminfo.org <http://www.iiminfo.org/> .
April 18, 2008
Contact: Pete Kuhnmuench or
Lori Conarton at 517-371-2880
Earthquake Insurance Option Available to Michigan Residents
LANSING – An earthquake centered in Illinois Friday morning may leave some Michigan homeowners wondering whether such losses would be covered by their insurance. Damages caused by an earthquake are normally excluded under most homeowners or renters insurance policies. However, earthquake coverage is generally available as an “add-on” to a policy, according to the Insurance Institute of Michigan (IIM).
“Although earthquakes occur most frequently west of the Rockies, some do hit the Midwest” Pete Kuhnmuench, Executive Director, Insurance Institute of Michigan said. “Since 1900, earthquakes have occurred in 39 states and caused damage in all 50 states.”
An earthquake endorsement provides protection from the shaking and cracking that can destroy buildings and personal possessions. Earthquake coverage carries a deductible, generally in the form of a percentage rather than dollar amount. Coverage for other kinds of damage that may result from earthquakes, such as fire and water damage due to burst gas and water pipes, is provided by standard home and business insurance policies. Cars and other vehicles are covered by the comprehensive portion of an auto insurance policy which also provides protection against flood and theft.
According to the IIM, cost for earthquake coverage varies depending on the type of home or building. It costs less to insure frame structures against earthquakes than masonry buildings, since frame structures have some 'give,' and are better able to withstand tremors. Policyholders should contact their insurance company to determine earthquake coverage options and rates they offer.
The Insurance Institute of Michigan is a nonprofit organization representing property/casualty insurance companies writing 66 percent of howeowners and 73 percent of the auto insurance market in Michigan. For more information about insurance, contact the Insurance Information Hotline, toll-free, at 1-800-777-8005 Monday through Friday, 8:30 a.m. to 4:30 p.m. or visit the website at www.iiminfo.org <http://www.iiminfo.org/> .
Monday, April 21, 2008
Thursday, April 17, 2008
How much Life Insurance do I need?
The most common question I am asked about Life Insurance is, 'How much Life Insurance do I need?'.
While there is no perfect answer, there is usually a proper range.
Each individuals unique circumstances will effect the answer, but the following tool can help.
INSURANCE CALCULATOR
While there is no perfect answer, there is usually a proper range.
Each individuals unique circumstances will effect the answer, but the following tool can help.
INSURANCE CALCULATOR
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