If you're on a FAIR Plan, you may wonder whether you're stuck there. In most cases, you're not. Many property owners use the FAIR Plan to stay covered while they fix the issues that led to a denial, then move back to a standard policy.
Is there a time limit?
Generally, no. FAIR Plan policies are typically renewed year to year as long as the property stays eligible and premiums are paid. But because FAIR Plans are an insurer of last resort, it's smart to check the regular market regularly. Some states also have programs that look for private insurers willing to take FAIR Plan policies.
Why move back to a standard policy?
- Broader coverage. Standard policies often include theft, liability and more water damage coverage.
- Fewer gaps to fill. You may not need extra add-on policies.
- Possibly better pricing, depending on your property and location.
Want us to check whether a standard insurer will take your property now? Call a licensed Insurance Agent.
Call (888) 928-9324How to get back to the standard market
- Fix the original problem. Replace an old roof, update wiring or plumbing, or repair damage. Keep receipts and photos.
- Stay claim-free if you can. A clean recent claims history helps.
- Keep the property occupied and maintained. Vacancy and visible wear can lead to declines.
- Shop every year at renewal. An independent agent can check several insurers at once.
Don't leave a gap
When you switch, make sure the new policy starts before the FAIR Plan policy ends. Even a short gap can cause problems with your mortgage lender. Read more: FAIR Plan vs. a standard homeowners policy.