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Frequently Asked Questions

Frequently Asked Questions about the Ohio FAIR Plan

 

What is the Ohio FAIR Plan (OFP)?

OFP is a "property insurance pool" that was created by statute and is supported by all property insurance companies licensed to do business in the state of Ohio. Insurance coverage is available for eligible property under basic coverage forms at "standard" rates if coverage is unavailable in the normal insurance market.

Can I get the same coverage through OFP as through a "regular" insurance company?

OFP can provide basic insurance coverage for tenant and owner-occupied dwellings and personal property; farm buildings, machinery, tools, livestock, harvested crops, and personal property; apartment buildings and personal property; commercial buildings and contents. Personal article floaters for specific coverage on jewelry, coins, and other such valuables are not available through OFP. Personal liability coverage is available (for a maximum of $100,000) only for owner-occupied dwellings or residential tenants insuring their personal property. Theft coverage is provided under our Homeowners and Farm Programs, but that coverage is also available separately under our Residential and Commercial Crime Programs.

Can I choose OFP coverage instead of a "regular" insurance company's coverage?

No. If coverage is available to you in the "regular" insurance market, you are ineligible for OFP coverage.

Does OFP consider loss or credit history?

Credit history is given no underwriting consideration. Loss history will be considered in determining the type of coverage that will be provided. For example, if you have had multiple theft losses, OFP will provide coverage for fire, lightning, etc., but no theft coverage will be offered unless you have taken steps to avoid future losses.

Are there limits on the amount of coverage available?

Yes. Maximum coverage amounts are the actual cash value (current replacement cost of the property minus an allowance for depreciation, wear and obsolescence) or replacement cost of the property, dependent upon the coverage/contract available for an individual property. For all policies other than crime, the maximum coverage available is $1.5 million for all coverages combined. Minimum coverages also apply to homeowners and crime policies.

Is the cost for insurance coverage more expensive under the FAIR Plan?

The answer to this depends on the individual property. In most situations the cost of insurance may be somewhat higher, while in others the rates may be comparable to the voluntary market.

My property needs repairs. I want to insure it while it's in rehabilitation. Will the FAIR Plan insure the property?

The FAIR Plan has a Rehabilitation Program for such situations. Commercial risks under rehabilitation can be submitted with the Commercial Rehabilitation Application, and one- to four-family dwellings under rehabilitation can be submitted with the Dwelling Fire Rehabilitation Application. Copies of contracts, repair items, anticipated completion dates, and expenditures must also be forwarded. Coverage under the Rehabilitation Program is available for one year only.

How do I know if FAIR Plan coverage is best for me, and how do I apply for coverage?

Check with at least two insurance companies (or their insurance agents) regarding your particular situation and potential placement in the voluntary market. These insurance professionals should be able to respond to specific questions regarding your situation. If you can't obtain coverage in the voluntary market, any licensed property insurance agent can assist you in applying for coverage through the Ohio FAIR Plan.

Do FAIR Plan policies have deductibles?

Yes, just like insurance coverage in the voluntary market, deductibles apply to FAIR Plan policies.

Do exclusions apply to FAIR Plan policies?

Yes, but they vary depending on the type of policy and the amount of insurance coverage provided in the policy. You need to review your policy or check with your insurance agent or the FAIR Plan regarding specific exclusions and limitations of your policy.

Will I be assigned an insurance agent or company representative to contact with questions about my policy?

No agent will be "assigned" to you. OFP has no agents, so any agent you select would be your agent. You are encouraged to select an insurance agent. As an advisor, the agent can answer your questions, address your concerns, and be your representative when corresponding with OFP. The FAIR Plan is the insurance company, and you can correspond with them directly if that is your preference.

Is my OFP premium higher if I have an agent?

No, your premium is not affected by whether you have an agent or not.

If I'm renting property, is there a way to obtain insurance coverage for my belongings? Can I get liability coverage?

As long as the property meets OFP's underwriting criteria, OFP can issue a dwelling fire policy for your belongings and attach a liability endorsement for your personal protection. Note that $100,000 is the maximum personal liability coverage available through OFP.

How do I file a claim with the FAIR Plan?

If you have selected an insurance agent, you should call your agent. If you have not chosen an agent, you should notify the FAIR Plan of any claims.

Once I get coverage through the FAIR Plan, should I continue to check for coverage in the regular insurance market?

Yes. It is required that consumers "shop" for insurance each year. If coverage is available in the standard market, you will not qualify for FAIR Plan coverage.

Where can I obtain further information about the FAIR Plan?

This web site provides a general overview of the Ohio FAIR Plan. For specifics regarding availability, cost and coverage contact your insurance agent or you may contact the Ohio FAIR Plan directly at:

2500 Corporate Exchange Dr., Suite 250
Columbus, OH 43231
614-839-6446 or 800-282-1772

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