Insurance: other; portable electronics insurance; allow. Amends 1956 PA 218 (MCL 500.100 - 500.8302) by adding sec. 1294. TIE BAR WITH: SB 1069'24, SB 1070'24, SB 1071'24, SB 1072'24, SB 1073'24, SB 1074'24, SB 1075'24, SB 1076'24, SB 1078'24

SB 1077 requires vendors selling portable electronics insurance to provide customers with clear written information about the policy's terms and potential overlaps with existing home or renter's insurance. The bill mandates that these materials disclose key details such as the insurer's identity, deductible amounts, repair options, and the process for filing claims or canceling coverage with a refund. Additionally, it allows insurers to set their own eligibility standards and permits these insurance policies to be offered on a month-to-month basis through group plans. This legislation directly affects vendors and insurers in Michigan by standardizing how they present portable electronics insurance to prospective buyers.