MI HB4485

Adds exemption from insurance producer licensing requirements for persons selling stored property insurance in connection with self-service storage facility rentals for periods not exceeding 1 year.

Requires written disclosure materials provided at time of solicitation that include identity of insurer, coverage benefits, key terms and conditions, claim filing process, and notice that coverage may duplicate existing homeowners or renters policies.

Defines "stored property insurance" as coverage for loss or damage to tangible personal property in storage spaces or in transit during rental agreement, sold under individual or group policies issued to self-service storage facilities.

Clarifies that "travel insurance" does not include major medical plans providing comprehensive medical protection for trips lasting 6 months or longer, such as for overseas expatriates or deployed military personnel.

Effective immediately upon enactment.