Insurance has been around for centuries. We all think of insurance as protecting one’s asset(s) from loss due to a certain peril (i.e. fire, wind, theft, etc).
Over the past 3 years or so, many of Americans have watched perhaps their biggest and most valuable asset diminish. The sad part is that there wasn’t a thing they could do about. The “free market” has seen the need, and it appears at least one company has decided to try and address that need.
I must confess that I really don’t know a lot about this new insurance, the concept seems to be worth looking into. Granted, I have not done much due diligence, but currently this product is only available in OH.
Today much of North Carolina was greeted by, literally, an earth rattling event. That’s right! North Carolina experienced shocks from the Earthquake in Virginia. Granted, our country men and women on the Left Coast giggle and snicker at how we react to such an event, the truth is most Tarheels don’t remember the last “quake”.
Much like the quake around 2003 or 2004, this event got this Insurance Guy thinking. If I were to take a poll around 10 AM this morning about insurance coverage for earthquakes, my guess is that 80% – 90% of those polled would assume that they have coverage under their Homeowner’s Policy. However, once the quake hit and people let the hysteria take over, questions surely came about whether or not that would be true.
The fact is, damage caused by Earthquake is not a standard coverage under North Carolina’s Homeowner’s Forms. The common NC Homeowner’s Form (HO-3 & HE-7) is what the insurance industry calls a “Special Form Policy”. Basically, that means that things (the industry calls “perils”) are covered under the policy unless SPECIFICALLY EXCLUDED. If you were to whip out your homeowner’s policy right now (if you can actually find it), you will see numerous exclusions, and yes, you would find the Earthquake Exclusion.
The last time Greensboro, NC felt the effects of an earthquake I can remember feverioushly drafting a letter to all of my clients letting them know that they didn’t have coverage for damage caused by an Earthquake. After getting that letter out, I received a number of phone calls inquiring about this fact. After those many calls, one client decided add Earthquake coverage to their Homeowner’s Policy.
Times have changed! Today, I don’t need to draft a letter like that again. I can simply put the word, much like I am doing right now.
What hasn’t changed during that time is the fact that YOU DO NOT HAVE EARTHQUAKE COVERAGE! The other thing that hasn’t changed is that you can add this endorsement to your homeowner’s policy. The price of the endorsement varies depending on the amount of coverage you have on your dwelling as well as the construction type (Frame or Brick).
I suggest contacting your agent as soon as possible to inquire about this coverage. Remember, NC sits on a major Fault Line. By now, you have probably even heard that the East Coast actually has the propensity to have farther reaching effects of an Earthquake as our “rocks” are millions of years older than the “rocks” of our brothers & sisters on the Left Coast.
Whether you purchase the Earthquake Endorsement or not, you would be well served to at least take a moment to learn a little more.
ALLCHOICE Insurance is proud to announce that it will be the School Sponsor for both the Football & Cheerleading teams of NW Guilford High School.
The sponsorship is in conjunction with Newbridge Bank’s 2011 Football & Cheerleading Jamboree.
When asked about the sponsorship, Jack Wingate (Founder & President of ALLCHOICE Insurance) stated, “As the leading provider of Home, Auto, Business, and Life Insurance in NW Guilford County, we feel that it is vital to give back to the NW Guilford County community. The fact is, NW Guilford County has shown its support to ALLCHOICE since the beginning, this sponsorship is but a small token of our appreciation. On a personal note, as a former football player and all around sports junky…it is also really cool to get All Access Passes to the Jamboree!”
It seems like only yesterday when I opened the doors to ALLCHOICE Insurance. Now, in a little over a month ALLCHOICE will be celebrating its 7th Birthday. Just like any successful business, ALLCHOICE can only attribute its success to YOU! That’s right! We do understand that there would not have been a 1st Birthday (much less a 7th) without the faith and support that our customers have placed in us.
As a way to say thank you, ALLCHOICE is will be giving away a NEW Apple IPAD 2 to one deserving customer!
ALLCHOICE Insurance is proud to announce that another NW Guilford family has joined the ALLCHOICE Family.
This Browns Summit family had been insured with Nationwide Insurance for a number of years before taking a look at what ALLCHOICE Insurance had to offer. After analyzing the family’s current insurance protections, ALLCHOICE discovered that the family had been sold minimum auto liability limits. Even worse, the family was unaware of what those coverages actually protected them from.
After speaking with the family, ALLCHOICE was able to convey what type of risk they was present given those minimum limits. The family agreed that they should increase those liability limits in order to bring their protection more in line with their exposure.
In the end, ALLCHOICE Insurance was able to educate the family with regard to their various coverages, as well as save the family 18% on their insurance premiums.
ALLCHOICE covers insurance for
all companies, including technology, manufacturing, property management, contractors, small business and non-profit organizations.
ALLCHOICE provides Health Insurance for individuals, families and small businesses. We offer Co-Pay Plans, HSA's, Medicare Supplements, and Dental Insurance.
