Michigan Insurance

If you're a Michigan resident looking for insurance, you're in the right place. We've compiled all the info you need to help you find home, auto, life, health or long term care insurance right here on this page.

We recommend you read it over, contact the Michigan Office of Financial and Insurance Regulation at 517-373-0220 with any questions, and let us help you find the coverage you need today.

Auto Insurance

Michigan requires drivers to license vehicles, maintain current driver's licenses, and carry no-fault liability auto insurance in order to operate a vehicle within the state. Although these requirements are mandatory, you do have a choice about the insurance company or agent you choose—and how much you end up paying for your auto insurance policy.

At the time of this writing, this state's no-fault auto insurance system is the most comprehensive in the nation. Three factors contribute to this uniqueness:

1. Michigan is the only state in which unlimited medical, wage-loss and rehabilitation benefits are provided for up to three years following an accident, regardless of fault.
2. Motorists here do not have the right to sue parties involved with them in auto accidents unless someone is killed or gravely injured.
3. Unlike in other states, vehicle damage is included in no-fault auto policies here. 

Three required coverage types exist in a basic no-fault auto insurance policy in the state. These include:

• Personal Injury Protection (PIP): Pays your medical costs resulting from an auto accident.
• Property Protection (PPI): Pays up to $1 million for damage your car does to someone else's property.
• Residual Bodily Injury and Property Damage Liability-Pays court costs and any damage for which you are responsible, up to policy limits, as a result of an auto accident. Minimum coverage limits are $20,000 per person, $40,000 per accident and $10,000 for property damage.

No-fault policies cover everyone in your household, so take this into consideration when comparing various policies and prices.

Health Insurance

Health and medical insurance is typically available in two different categories, group and individual. Employers usually offer their employees group health and medical insurance, whereas a resident of this state purchasing a health care plan on his or her own from an agent or company would purchase an individual health insurance plan.

The most popular and well known Michigan health insurance policies include Fee-for-Service plans and Managed-Care plans.

Fee-for-Service plans enlist the health insurance company in paying all or a portion of medical bills after the ensured has received treatment. Usually, any doctor or health care provider may be chosen.

In contrast, managed-care plans, which include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs) and Point-of-Service plans (POS), provide comprehensive services and medical treatments to enrollees for a periodic, fixed fee. However, those utilizing this type of coverage must usually use contracted health care providers, who service their needs and charge discounted rates.

If an ensured chooses to go outside the contracted network of health care providers, coverage may not be extended under a managed-care plan, except in case of an emergency.

As a health insurance consumer in your state, you have a right to:

• Know what your health insurance plan does and does not cover
• Receive a standard form outlining health insurance benefits for comparison purposes
• Insurance coverage for certain mandated benefits
• Prompt payment of claims
• Contact your insurer to complain or appeal any decisions with which you disagree
• Emergency room coverage for life-threatening injuries
• A written explanation, when an insurance company denies your health insurance application or refuses to cover a health condition

Home Insurance

Over 100 insurance companies currently offer homeowner's insurance in Michigan, keeping the market very competitive in providing the lowest possible rates, the broadest coverage and the best possible service.

Though these companies present a wide variety of rates and services, the most standard forms include:

• HO-3-Covers your home against all risks except those specifically excluded, and its contents against named perils. Considered a "deluxe" policy. May require the insured to purchase coverage of at least 70 percent of the home's replacement cost.
• HO-4-Provides liability and comprehensive protection against loss to personal property only (named perils) in a rented living space. Does not include coverage for the building or its accompanying structures.
• HO-6-A condominium policy providing coverage for the portion of the dwelling belonging to the condominium owner, as well as insuring its contents against named perils.
• "Market Value" or "Repair Cost"-Coverage on your house limited to 100 percent of your home's fair market value. Covers both the dwelling and its contents against named perils.

When deciding what type of policy fits your individual situation, consider how much your house is worth, its replacement cost, and your own monthly budget to determine how much you can afford to spend on your insurance plan.

Following are some ways to reduce your home insurance premium. Employing a few or all of these recommendations will help keep your premium at an affordable level.

• Purchase only what you can reasonably afford
• Increase your deductible
• Pay your premiums on time
• Inquire about group and multiple-policy discounts
• Use any available safety features, such as smoke detectors, deadbolt locks or fire extinguishers
• Ask about special discounts for senior citizens

Life Insurance

Though the price of life insurance has become much more affordable in recent years, the percentage of individual Americans covered in the past 20 years has actually declined from 63 percent to 53 percent, according to LIMRA International, a worldwide insurance and financial services research organization.

Twenty-two percent of today's American households carry no life insurance protection at all. This means that many of us are either uninsured or underinsured, leaving our families exposed to the possibility of an uncertain future of staggering financial bills.

Finding life insurance that meets your family's needs involves several key steps:

1. Deciding how much coverage you need, how much you can afford and for how long
2. Educating yourself about the various policy types and choosing the one best suited to you
3. Choosing the best combination of benefits and premium to emphasize either protection (in case of early death) or benefits (in case of long life)—or a combination of both

Use the following guidelines when shopping for life insurance in your state:

• Review your own insurance needs and circumstances, and choose the kind of policy that most closely fits your situation
• Know your options, including the types of Michigan life insurance available, and make sure you can afford your premiums
• Comparison shop, comparing both price and value
• Check insurance companies' financial stability and consumer satisfaction ratings using independent ratings firms such as A.M. Best or Weiss Ratings, Inc
• Read your policy carefully before signing it
• Review your policy regularly and update it to reflect changes in income or needs
• Study new policies thoroughly before purchasing, as changing coverage could become a costly decision