There are many “insurance pools” that offer coverage to property owners who cannot get insurance through the market. The Ohio Fair Plan provides property coverage for those who aren’t eligible. These programs are offered by the state’s insurance companies. Each program has its own eligibility requirements.
Due to the 1960s riots, the Ohio Fair Plan was established. Many cities suffered significant losses as a result of the riots. Property repairs were not possible due to the inability or difficulty of securing loans and mortgages. The Federal Riot Reinsurance Act, which was created by President Johnson and signed by Congress in 1968, provided reinsurance for properties that suffered significant damage from riots. The FAIR plan was created to provide insurance for properties that are not eligible for insurance coverage by other companies.
What is the Ohio Fair Plan and how does it work?
After the 1968 riots, the Ohio Fair Plan was created by statute. It was initially limited to a handful of metropolitan areas in Ohio, but it has since been extended to all property types, including farms.
The Ohio Fair Plan covers property that is not eligible for standard insurance from the regular market in Ohio. It is possible to be more expensive or less depending on what type of coverage your property requires. It is not the most affordable property insurance in Ohio.
You can compare rates from several insurance companies to see how Ohio Fair Plan compares with other insurance companies. To get an idea of the cost of property insurance, you might want to compare it to the average price of homeowners insurance. All Ohio property insurance companies support the Ohio Fair Plan.
What is the Fair Plan?
All of the basic coverage options are available through the OFP for your property. The OFP provides basic coverage at standard rates if property coverage is not available through the normal insurance market. Ohio property can be covered for its structure and contents. The Fair Plan does not cover properties that do not meet certain criteria.
The OFP offers coverage options for homeowners, renters and crime victims. Each coverage option covers a different amount of family dwellings. One to four family dwellings may be covered by dwelling fire insurance, regardless of whether they are occupied by tenants or owners. One and two family dwellings can be insured as homeowners if they are the owner’s first residence.
Who is eligible to participate in the Ohio Fair Plan
A number of criteria are required to be eligible for the OFP.
- All property taxes, assessments and penalties must be paid in full and on time.
- The insurer must have applied for regular insurance companies. After applying, at least two insurance companies should have denied coverage for property.
- Minimum 50% must be occupied, and the property must not be subject to any kind of trespass.
- It must not be in violation of any building, housing or fire safety rule or code. It must not pose any safety or health risk.
What are the best ways to use the Ohio Fair Plan
The Ohio Fair Plan doesn’t have agents who can help you with the application process.
First, you must request a login ID. Then, submit an application via the Agent Online Services portal. After you have received your ID confirmation email and password, you will be able to choose the application that best suits your property type and what coverage. Once you have determined if your property meets the eligibility requirements, submit your application via the portal.
You can apply for binder coverage by paying a deposit at the end. This deposit can be paid via different payment methods. After an application has been submitted, it goes through an underwriting procedure. The property will be covered as soon as OFP receives the completed application and the binder fee.
Questions frequently asked
Who is the Ohio Fair Plan?
The OFP can be applied for by any Ohio property that has been denied coverage from at least two insurance companies. The OFP may be available to first-time homeowners in Ohio. This depends on whether you meet the criteria. The OFP is available to property owners who have been denied insurance coverage by at least two insurance providers.
What coverage options does OFP offer?
The OFP provides coverage at both the standard and basic levels. You can choose from a variety of coverage options, including coverage for homeowners, renters and crime, farm, fire, or both, depending on which type.
Is there an OFP agent?
The OFP is not like other insurance companies, which have local agents to help with the application process. To get insurance for your Ohio property, you will need to create an account and fill out an application. You may also be eligible for binder coverage after the application process is complete.