Consumers

NO, some property does not meet the FAIR plan underwriting guidelines.

For example, the FAIR Plan does not insure vacant and/or unoccupied property. The Plan does insure owner occupied and non-owner occupied dwellings along with some occupied commercial buildings. The Plan also can insure personal property coverage on owner occupied property and contents coverage for renters and condominium owners.

NO, vacant and/or unoccupied buildings are NOT eligible, unless it is under active renovation by a licensed contractor and work will be completed and home will become occupied within 90 days.

Consumers must contact an insurance agent license to sell insurance in Indiana. Any licensed agent can access our website and our quote program. Once an agent has registered with us they can provide quotes. Contact your local agent or any agent licensed to sell property insurance in the State of Indiana.

NO, agents do not have binding authority. No coverage is in place until FAIR Plan approval, acceptance and written acknowledgement is provided. We date stamp all applications when received in our office as a possible effective date.

The FAIR Plan provides several different types of policies. Dwelling Fire DP1 Basic policy, Dwelling Fire DP2 Broad policy, Homeowners Modified 8 Basic policy, and Homeowners 2 Broad policy. The Plan also offers a Commercial Fire policy for commercial risks that meet the Plan’s underwriting guidelines.

You should contact a licensed agent to determine what coverage is appropriate for your situation.

You and your agent are best to determine the actual cash value of your home. The FAIR Plan takes depreciation into account and will not insure a home for its replacement cost value.

Yes. Maximum coverage limit for Dwelling Fire Policy is $250,000 which includes both the building and its contents within this limit. The Homeowners Policy maximum building coverage limit is $250,000. The maximum coverage limit for a Commercial Fire policy is $1,000,000.

No. The FAIR Plan’s only mode of payment is annual. The Plan does not accept any payments by phone or credit card.

You will be contacted by an inspection company (inspector) to set up a time for an interior and exterior inspection. The inspector will try to accommodate your schedule when making inspection appointments, but we also ask that you make every effort to keep your appointment. Inspectors will ask to see interior and exterior parts of the building. Please make sure all tenants are aware of the inspection. Basements will be inspected. Coverage will be declined or limited if inspection cannot be completed.

ALL INSPECTORS CARRY IDENTIFICATION. NOW WOULD BE A GOOD TIME FOR YOU TO MAKE ANY NECESSARY REPAIRS.

Policies written through the FAIR Plan are written with one year terms. At the end of the term year, you and your agent may need to complete a renewal application. At that time, you must again show proof that you have been declined by 3 different insurance carriers within the prior 60 days.

Should you find other insurance while your current policy is in force, you may cancel your FAIR Plan policy and receive a refund of unearned premium at any time by notifying our office and your agent in writing. The FAIR Plan does not backdate cancellations.

If you should incur a loss, you should contact your agent to submit a claim to our office. Covered property claims are resolved based on the terms of your policy.

If there is an overpayment or return premium as a result of an endorsement or policy cancellation, the Plan will return the premium to the insured.

If the premium finance company has requested cancellation or a return in premium, then the premium finance company will be added as a payee.