Downriver Today

March is Reading Month, and the Michigan Department of Insurance and Financial Services (DIFS) is reminding Michiganders to carefully read and comprehend their home and auto insurance plans. Consumers should make sure they have the correct coverage to protect themselves, their families, and their property, according to the DIFS website.

"Throughout the COVID-19 pandemic, we have seen increases in building material prices, home values, and automobile prices," DIFS Director Anita Fox said. "This can affect how your insurance works for you if you have a loss. This March is an ideal time to read your insurance policies and other documents to make sure that your insurance will provide you with the coverage you need and expect if disaster strikes."

The website noted that insurance impacts almost all parts of a Michigan consumer's life. It is significant that citizens understand insurance rules and make sure the plans they select will meet their needs.

There are various elements to insurance in Michigan, including homeowners' insurance. As Michigan's economy continues its vibrant recovery from the coronavirus pandemic, home values and building material prices are increasing. The value of homes, as stated in insurance policy documents, may no longer show the money that is needed to repair or replace a home after a loss, the website said. Consumers should contact their insurance agent or company to talk about their coverage needs and policy choices.

Auto insurance is another type. As supply chain issues impact the availability and cost of new cars, many used vehicles have gone up markedly in value, according to the website. Existing coverage choices, such as deciding to only buy minimum coverage and pass on collision or comprehensive, may leave citizens paying out of pocket to repair or replace a damaged car.

Consumers should also make sure that family members who opt out of or are excluded from Personal Injury Protection (PIP) medical coverage continue to have the mandatory Qualified Health Coverage (QHC). If they fail to do so, they might be left without medical coverage if an auto accident occurs, the website said. Additional information is available at Michigan.gov/AutoInsurance. 

Consumers can get in contact with their insurance company or agent for assistance with their existing insurance policies. Consumers can also talk to DIFS for assistance, Monday through Friday from 8 a.m. to 5 p.m. at 877-999-6442 or online at Michigan.gov/DIFS.