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Indiana Fair Plan Insurance Alternative?

Looking for an alternative to FAIR Plan insurance in Indiana? Hard to insure or high risk? Fill out this easy home insurance quote form! We want to help.

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Indiana Fair Plan Insurance Alternative

FAIR Plan Insurance in Indiana?

FAIR Plan Insurance is in place in Indiana to provide both owners and residents an avenue for securing the appropriate insurance coverage when they are unable to do so through traditional insurance companies. Regardless of the reason for being turned down, these individuals are afforded the opportunity to protect the dwelling from a variety of hazards by purchasing the FAIR Plan Insurance alternative.

Are All Types of Property Covered with FAIR Plan Insurance?

The simple answer is no, not all properties meet underwriting criteria for securing FAIR Plan Insurance. Property that is unoccupied or vacant is often not eligible for coverage. This type of coverage will protect non-owner and owner occupied dwelling, in addition to different types of commercial property. If the unoccupied building is currently undergoing renovation, the work typically needs to be completed in 90 days and occupied at that time according to underwriting terms if any coverage will be given at all.

Where Can FAIR Plan Insurance Be Purchased?

Any agent that is licensed to sell insurance in the state of Indiana can provide you with a quote and help you to submit the application for the FAIR Plan Insurance. Typically these agents do not have binding authority, the procedures for securing the insurance according to binding procedures requires all applications be accompanied with photographs and 25% deposit. If approved, coverage may be effective on date application was received or the date the underwriter approves. Confirmation letters will be mailed to mortgagee company and/or policy owner.

What FAIR Plan Home Insurance Alternatives Are Available?

The Fair Plan Insurance alternative provides residents of Indiana policies for fire, vandalism, wind damage, hail, riot, explosion, smoke, snow, ice, and water hazard. The responsibility for securing the appropriate amount of insurance lies on the applicant when purchased through the FAIR Plan.

Can We Make Monthly Payments With the FAIR Plan?

In most states the applicant must pay for the premium in full each year, there are no payment options. Typically FAIR Plan Insurance can not be paid over the phone or with a credit card.

Are Policies Renewed Automatically?

No, at the end of the policy year the FAIR Plan alternative will expire unless you and your agent complete a new application and submit it with proof you have been declined by multiple insurance carriers before the policy expires.

As with all FAIR Plans, consumers are urged to try to find coverage in the private market and we can help you find an agent that can help you find alternatives to the FAIR Plan.

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