What are the minimum requirements for an insurance policy?

In Michigan, the minimum requirements for an insurance policy vary depending on the type of policy. Generally, all insurance policies must provide property and liability coverage, which can be customized depending on the policyholder’s needs. For auto insurance, Michigan requires at least $20,000 in medical coverage per person, $40,000 in medical coverage per accident, and at least $10,000 in property damage liability. Bodily injury liability coverage is also required, with a minimum of $20,000 per person and $40,000 per accident. Uninsured/underinsured motorist coverage is also required in Michigan, with limits of at least $20,000 per person and $40,000 per accident. For health insurance policies, Michigan requires that policies meet certain requirements known as “Essential Health Benefits.” These benefits include emergency services, hospitalization, prenatal and newborn care, laboratory services, and mental health and substance use disorder services. Other benefits, such as vision and dental care, may be added to the policy, but are not required. Finally, homeowners insurance must meet certain minimum requirements in order to protect the policyholder from potential financial losses due to damage or destruction. Homeowners insurance should cover the costs of repairing or rebuilding the home, replacing possessions that are damaged or destroyed, and liability coverage in case of injury or damage to someone else’s property. These are the general minimum requirements for insurance policies in Michigan. It is important to read the policy carefully to ensure that the coverage is adequate for your needs.

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What are the minimum requirements for an insurance policy?

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