1.     What are the product options?
Effective 4/1/2014 the Indiana FAIR Plan will offer the following policies.
·        Dwelling Fire Basic (DP-1) policy - Actual Cash Value
·        Dwelling Fire Broad (DP-2) policy - Actual Cash Value
·        Modified Homeowners (HO-8) policy - Actual Cash Value
·        Homeowners Broad (HO-2) Broad Form - Actual Cash Value 
2.     Who can apply for a Homeowner’s policy?
A homeowners policy form is available only for owner occupied properties.    Non-owner occupied applicants can choose between a Dwelling Fire Basic policy  (DP-1) or a Dwelling Fire Broad form policy (DP-2).
3.     Do all that apply for a Homeowners policy qualify?
No – owner occupied property must meet the Indiana FAIR Plan’s underwriting criteria.
4.     Does the Indiana Plan offer Replacement Cost option under a Homeowners policy?
No- all policies issued by the Indiana FAIR Plan are written on an Actual Cash Value (ACV) basis.
5.     What happens if an applicant does not qualify for a Homeowner’s policy?
If an applicant applies for a Homeowners policy but does not meet underwriting criteria, the Indiana FAIR Plan will contact the applicant and their agent and the applicant will have the option to apply for either a Dwelling Fire Basic policy (DP-1) or a Dwelling Fire Broad policy (DP-2) if certain criteria are met. The applicant must submit a written request requesting to proceed with a Dwelling Fire policy.
6.     What is the amount of premium deposit to bind or secure coverage?
The Indiana FAIR Plan requires a minimum premium deposit equal to 25% of the annual premium or $150 whichever is greater.  
7.     Can Earthquake Coverage be added to all Indiana FAIR Plan   
Yes – Earthquake Coverage is available under Dwelling Fire and Homeowner policies.
8.     Can Mine Subsidence coverage be added to all Indiana FAIR Plan policies?
No - Mine Subsidence is only available to properties that are located in one of the designated Indiana counties. Your agent will have a list of counties that are eligible for mine subsidence.

9. If a policyowner currently has a Dwelling Fire policy with the Indiana FAIR Plan,

    what are their options for the policy period after 4/1/2014?


1. The policyowner can keep their DP-1 policy as is with no changes in coverage.

2. If the policyowner has liability and/or theft coverage, they can sign a renewal notice electing to keep liability and/or theft coverage for one (1) additional policy period. If the policyowner does not elect to keep liability and/or theft coverage for one additional policy period, thier policy will renew without liability and/or theft coverage.

3. The policyowner can complete an application for a Dwelling Fire Policy (DP-2 Broad) through thier agent.

4. If the policyowner's home is owner-occupied, the policyowner can complete an application for an HO-8 Modified or HO-2 Broad, homeowner policy through their agent.

You should discuss what type of policy and coverage you need with your agent. Your agent can provide you with a quote that will show the differences in premium for all policy types.