Definition - What does FAIR Plan mean?
The FAIR plan stands for Fair Access to Insurance Requirements. It is a state-mandated program designed to help those who cannot get insurance coverage for their property due to extremely high risk. Those who, for example, live in flood plains, tornado alleys, and hurricane-prone coastal regions may qualify for FAIR plan coverage.
Insuranceopedia explains FAIR Plan
Insurance companies will often decline policies to individuals whose property is deemed too high an insurance risk, since the insurer is unlikely to profit from issuing them a property insurance policy. The FAIR Plan Act ensures that these individuals do not have to go without insurance coverage for their property.
Although he FAIR plan is government sponsored, policyholders who qualify for it are still requires to pay premiums.
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