Does the FAIR Plan Insure all property?
No. The FAIR Plan insures one to four family, tenant and owner occupied dwellings and commercial buildings. Also provided is contents coverage for renters, condominiums and commercial risks. You must be declined by three insurance carriers before applying. Vacant and/or unoccupied property is not eligible
through the Plan, unless it is under active remodeling by a licensed contractor and will be completed and occupied within 90 days. An inspection is conducted on each potential risk to determine eligibility and condition of the property. Periodic inspections are done on renewal policies.
AS OF APRIL 1, 2007: Policies are written on Actual Cash Value.
Replacement cost coverage is NOT available.
Policies are written on the basis of actual cash value. It is the responsibility of the applicant to determine adequate insurance limits for property that is to be insured through the Plan. Your agent can help you determine how much insurance you may need. Agents DO NOT have binding authority. Coverage may be bound upon receipt of a deposit and review of your application by a Fair Plan underwriter. The FAIR Plan does not provide coverage for automobile or manufacturing risks. For the Auto Plan CALL: 317-264-2310
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