Compliance Alerts

    Michigan Adjusts Minimum Claims Amount for Homeowners Nonrenewals

    Apr 5, 2024 / by AAIS

    On March 27, 2024, the Michigan Department of Insurance and Financial Services (DIFS) released Bulletin 2024-02-INS, updating the minimum dollar amount of the three-year claim history to be used for nonrenewal of a home insurance policy, effective on January 1, 2024.

     

    The new minimum dollar amount for three paid claims within the immediately preceding three years totaling $4,000 or more, exclusive of weather-related claims, is $5,000.

     

    The new minimum dollar amount for three paid claims within the immediately preceding three-years totaling $5,300 or more, including weather-related claims, is $6,600.

     

    Please see Bulletin 2024-02-INS for more information. Any questions regarding the bulletin should be directed to:

     

    Department of Insurance and Financial Services
    Office of General Counsel
    530 W. Allegan Street – 8th Floor
    P.O. Box 30220
    Lansing, Michigan 48909-7720
    Toll Free: (877) 999-6442

     

     

    Links:

    Bulletin 2024-02-INS

    Tags: Compliance, Michigan

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