Insurance

Lieutenant Governor Garlin Gilchrist signed his first bill Thursday. He's the first African American lieutenant governor to sign a bill into law.
Cheyna Roth / MPRN

Lieutenant Gov. Garlin Gilchrist became the first African American Lieutenant Governor to sign a bill into law Thursday.

Jim Sorbie / Flickr

 

People who have homes on the sandy, eroding shores of Lake Michigan don’t have a lot of protections when it comes to insurance coverage. 

Regular homeowners insurance does not cover flooding or any land movement, including erosion of the land beneath a structure.

Banks that give loans to lakefront homes require flood insurance, which could possibly provide some erosion coverage.

The Association of State Floodplain Managers Alan Lulloff says erosion that happens after a storm could be covered.

Property owners along the Lake Michigan shoreline are worried about the rapid erosion caused by high water levels on the lake.
Gary Langley, FAA certified sUAS pilot / Interlochen Public Radio

As Lake Michigan water levels remain at a near record high, more and more shoreline is being eaten away everyday. Large trees are sliding down steep banks into the water, wooden staircases are being torn out and property owners are panicking. As the fall storm season approaches, some worry their homes will be next.


Insurance companies base their business on looking for ways to minimize risk.

For example, a life insurance company will ask you whether you scuba dive.

But there is one risk they don't calculate: insurance companies do not ask whether you own a gun.

Kristen Moore is an associate professor of Mathematics at the University of Michigan. She co-authored a piece for The Actuary Magazine exploring how the insurance industry treats the risk of firearms. 

The Next Idea

If you’re arrested and charged with a crime, you’ll likely be asked to “post bail.” Bail is the money that a defendant hands over to the court in order to be released from custody until their trial.

So, if you don’t have a huge bank account, where are you supposed to find, say, $50,000? Traditionally, you go to a bail bondsman.

Judd Grutman has a different idea in mind.