2002 US FAIR Plans

Fair Access to Insurance Requirements (FAIR) Plans were created to make property insurance more readily available to those who have difficulty obtaining it because of abnormal exposure to risks over which they have no control. The plans make insurance available to properties regardless of location or exposure. FAIR Plan policies typically insure against losses from fire, vandalism, riot and windstorm. Georgia and New York FAIR Plans provide wind and hail coverage for certain coastal communities. These states do not have Beach and Windstorm plans common to many coastal regions. New Jersey does not have a Beach Plan.

The aggregate value for all lines of Ohio FAIR Plan exposure increased from about $4.8 million in 2001 to nearly $8.2 million in 2002. Ohio represented about 2.9% of the nation’s insurance provided through FAIR Plans reporting coverage information based on US policies in force at year-end 2002.

Notes: (a) Exposure is the estimate of the aggregate value of all insurance in force on all lines (except liability, where applicable, and crime) for 12 months ending September through December 2002
(b) Citizens Property Insurance Corporation, which combined the Florida Residential Property and Casualty Joint Underwriting Association and the Florida Windstorm Underwriting Association (Beach Plan).
(c) Includes a wind and hail option for certain coastal communities
(d) Includes wind and hail coverage for any dwelling including those in coastal communities
NA = Data not available
Data for Arkansas, Mississippi and North Carolina is not available and therefore not included in this chart.

Source: Property Insurance Plans Service Office (PIPSO), from Insurance Information Institute Fact Book 2004

According to the Insurance Research Council, the percentage of renters who are insured nearly doubled to about half of all renters (48%) in 2001 compared to 24% in 2000.