Fair Plan Insurance Alternative Washington DC

The District of Columbia Property Insurance Facility (DCPIF) or FAIR Plan was created by the D. C. legislature in response to the federal legislation called Fair Access to Insurance Requirements (FAIR). The DCPIF is supported by all the property insurance carriers writing business within the District of Columbia.

Its purpose is to provide basic property insurance to those homeowners in the district who are unable to obtain insurance through the private market usually due to filing too many claims or simply for living in a high risk area.

The DCPIF or FAIR Plan offers basic property coverage for commercial buildings and dwellings with limited limits and basic coverages. The policies may or may not offer sufficient coverage to satisfy mortgage lenders and therefore all applicants are encouraged to apply to private market insurers before applying to the DCPIF.

The residents and property owners in the District of Columbia endure high risk weather events such as hurricanes and blizzards which have been documented over many years and have caused severe instances of property damage causing thousands of homeowners claims, injuries and deaths.

Documented extreme weather activity in D.C. since 1950:

Severe Thunderstorm Winds 2,601
Flooding 675
Hailstorms 882
Winter Storms 93
Winter Storms 103

There are no volcano or earthquake events reported but a total of 43 historical tornado events have been recorded with a magnitude of 3.5 or higher.

Although D.C. has a relatively low instance of natural weather disasters, the state records an unusually high instance of homeowner insurance rates as 4th highest in the nation. Vandalism and burglaries are reportedly high in the area which results in higher insurance rates to compensate for the higher risk and claim volume.

Property owners are encouraged to prevent potential claims by winterizing their homes and buildings and taking the necessary measures, such as monitored alarm systems to prevent break-ins and vandalism.

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.