The Michigan Department of Insurance and Financial Services published an updated list of the municipalities participating in the Fire Insurance Withholding Program along with an updated maximum escrow amount for the year 2024. The maximum amount is adjusted annually, following the consumer price index (CPI). The amount has been adjusted from $15,009 in 2023 to $15,520 for the year 2024.

The program allows participating municipalities to escrow 25% of fire insurance settlements for real property losses that occur within that municipality. The participating municipalities are separated into two sections with Section 2845 being municipalities with a population of 50,000 or less and in a county with a population of 425,000 or less, and Section 2227 being municipalities with a population of 50,000 or less and in a county with a population of 425,000 or more. 

All of the participating municipalities may escrow 25% of a fire insurance settlement, up to a maximum of $15,520, for real property losses caused by fire or explosion. The larger municipalities, under Section 2227, may also escrow 25% of a settlement for losses to real property caused by vandalism, malicious mischief, wind, hail, riot, or civil commotion.