The effects of the supply chain issues may affect your insurance as well. Now is a good time to double check that your property coverage is adequate. Building costs – labor & materials are both much higher than even a couple of years ago. Have a conversation with your insurance agent if you’re concerned.
We are seeing long delays on getting vehicles repaired as well. Do you have enough rental reimbursement coverage on your auto policy if you need it?
In good news – If you have a car that was insured for at least liability coverage on 10/31/21, you will be receiving a refund from the Michigan Catastrophic Claims Association in March/April this year. You may have seen the news stories; the fund determined they have more money than they need to cover claims so it is refunding $400 per vehicle insured with liability coverage on 10/31/21 last year. The money is being dispersed to the insurance companies on March 9, and the companies will be sending the refunds out over the following 60 days. The refund will come directly from your insurance company. If you have any questions – give your agent a call to discuss or find more info and FAQ here.