LANSING, Mich. — The Michigan Department of Insurance and Financial Services (DIFS) is encouraging homeowners to ensure the replacement value of their residences are sufficient amid soaring house prices.
“Home values and building supply prices have increased across the country, and the current coverage provided by your homeowners policy may not be enough to replace or rebuild your home if it is damaged or destroyed,” says Director Anita Fox. “Though some policies may provide automatic value adjustments, this is a great time to contact your company or agent to discuss your home’s value and to make sure you understand your policy to ensure that it will fully protect you in the event of a loss.”
DIFS says home insurance policies outlines the risks insurance will cover as well as limitations and exclusions. Contracts also specify deductibles and the home’s replacement value.
Visit DIFS online for more on how to meet financial goals.
