PRESS RELEASE: With Rising Costs, Now Is The Time to Review Your Insurance Policies
March is Reading Month, and the Michigan Department of Insurance and Financial Services (DIFS) is reminding Michiganders to carefully read and understand their home and auto insurance policies to make sure they have the right coverage to protect themselves, their families, and their property.
“Throughout the COVID-19 pandemic, we have seen increases in building material prices, home values, and automobile prices. This can affect how your insurance works for you if you have a loss,” said DIFS Director Anita Fox. “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. If you have questions about your policies, your insurance agent or company should be able to help you.”
Insurance touches nearly every part of a Michigan consumer’s life. Understanding your insurance policies and ensuring they meet your needs is key to getting the most benefit from your insurance dollar. During this Reading Month, Michiganders should be sure to review their insurance policies, including:
- Homeowners Insurance: As our economy continues its strong recovery from the COVID-19 pandemic, home values and building material prices are on the rise. The value of your home, as noted in your insurance policy documents, may no longer reflect the money you need to repair or replace your home after a loss. Consumers should contact their insurance agent or company to discuss their coverage needs and policy options.
- Auto Insurance: With supply chain issues affecting the availability and price of new cars, the value of many used vehicles has increased significantly. Your existing coverage choices, such as choosing to only purchase minimum coverages and forgo collision or comprehensive, may leave you paying out of pocket to replace a damaged vehicle. In addition, consumers should also ensure that family members who opt out of or are excluded from Personal Injury Protection (PIP) medical coverage continue to have the required Qualified Health Coverage (QHC). Otherwise, they may be left without medical coverage in the event of an auto accident. Additional information is available at Michigan.gov/AutoInsurance.
Consumers should reach out to their insurance company or agent for help with their existing insurance policies. Consumers can also contact DIFS for assistance, Monday through Friday from 8 a.m. to 5 p.m. at 877-999-6442 or Michigan.gov/DIFS.
The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, Twitter, or LinkedIn.