The Massachusetts Property Insurance Underwriting Association (MPIUA) is a residual market insurance association in which all companies writing basic property insurance in the Commonwealth are required to participate with losses shared among the member companies on a premium volume basis. Responding to Federal Legislation, the Massachusetts Legislature in 1968 called for an urban area insurance placement facility and thereby gave rise to MPIUA. MPIUA is also known as FAIR Plan (Fair Access to Insurance Requirements).
The FAIR Plan operates similar to that of a normal insurance company in that it underwrites and inspects risks, accepts premium, issues policies and adjusts claims. It has a seasoned professional staff, which provides exceptional service to its clientele. FAIR Plans are the outgrowth of the national emergency created by three years of rioting in American cities, beginning with the Watts outbreak in 1965. When the rioting of the 1960s suddenly mushroomed to disastrous proportions, the companies found themselves in the position of having to pay losses in excess of $100 million, on which they had collected no specific premium. Although the companies paid these losses, their capacity was severely taxed and their normal riot reinsurance market had dried up. It became obvious that emergency revisions of underwriting and reinsurance procedures were necessary for the future protection of urban property and urban existence.
No matter what type of insurance you are considering, whether it be health insurance or fire insurance or even flood insurance, you should always follow the same general rule and that is to pick the coverage that suits your situation best. The same is true when picking Van Insurance also.
Do not buy a house in a locality that has a high crime rate. Insurers consider houses in such neighborhoods as high risks and higher rates are the unavoidable result. Please, even where it appears a house is in a low crime zone, still confirm to be really certain. You can know for sure by inquiring from an agent. The home on the next street could be grouped into a low crime area while your house is zoned to a high crime district.
As I have said before, our government is more in support of the Corporate America, rather than its actual citizens. So the companies that we work for- more hours less pay in this economy- are essentially keeping the American citizens, more taxed, tired and poor.
The first thing you should do is to check with your state agency. There are some states that have requirements when it comes to buying one. They can offer you cheaper policies if you live in an area that has a bigger chance of flooding.
Most homeowner policies do not cover flood damage unless the homeowner has purchased Flood Insurance, check your policies, if you are in an area that tends to flood the extra dollars that you spend on Flood Insurance may save you thousands in the long run.
Sue - Take a look at the idea sheet we have. From what we have told you, we want you to answer these questions. Feel free to give your own opinions as well.
I've decided not to follow that path, but my own path to break the ties Corporate America has on my life. I am taking control of honest wealth, and helping others to do the same. Reverting to the basics of silver and gold. Ask me how to break your own ties, and lessen Corporate America's power. WE deserve, as the people, to take back the power given to those (who don't act in our interest) so our politicians will be more concerned with what WE want.