Michigan Basic Property Insurance Association ("the Association") was organized under the provisions of Act 262 of the Michigan Public Acts of 1968, which is included in chapter 29 of the Michigan Insurance code. It is a Fair Access to Insurance Requirements (FAIR) plan. The Omnibus Bill passed by the Federal Government provided for riot reinsurance if insurance companies would join together in statewide pools to offer basic property insurance to those who were ineligible in the voluntary market.
The Bill gave the responsibility of the formation of FAIR Plans and their operations to the individual states. The Association's members are all insurance companies writing similar insurance coverages in the state of Michigan and are subject to pro rata annual assessments to fund operating deficits. The Association is a not-for-profit organization.
The Bill gave the responsibility of the formation of FAIR Plans and their operations to the individual states. The Association's members are all insurance companies writing similar insurance coverages in the state of Michigan and are subject to pro rata annual assessments to fund operating deficits. The Association is a not-for-profit organization.
Services
Inquiry on the policy and payment status of your entire book of business, including information pertaining to payment due dates, mortgagee, deductible, coverage amount, and more.
The Association will better service you in the future by posting updates and general information to this site or via e-mail, thereby reducing your costs and our costs simultaneously.
The Association will better service you in the future by posting updates and general information to this site or via e-mail, thereby reducing your costs and our costs simultaneously.
ACTUAL CASH VALUE - Provides for settlement of losses based on the condition or value of the damaged or destroyed property at the time of loss.
The Aamount will be determined by a review of relevant factors such as but not limited to market value, assessed value, capitalized value, and depreciation caused by physical wear and tera and/or obsolescense.
REPLACEMENT COST - Provides for settlement of losses with materials of like kind and quality without deduction for depreciation if repairs are completed.
The Aamount will be determined by a review of relevant factors such as but not limited to market value, assessed value, capitalized value, and depreciation caused by physical wear and tera and/or obsolescense.
REPLACEMENT COST - Provides for settlement of losses with materials of like kind and quality without deduction for depreciation if repairs are completed.
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