The Minnesota FAIR Plan is an essential insurance program designed to assist property owners and tenants who find themselves unable to secure homeowners or property insurance in the voluntary market. Established through an act of the Minnesota Legislature, the primary mission of the FAIR Plan is to offer basic and affordable property insurance options to various stakeholders, including individual homeowners, small business owners, farmers, and co-op residents.
By fulfilling its mission, the Minnesota FAIR Plan aims to inform both the industry and the public about the availability of its products, maintaining a strong commitment to professional and courteous service while keeping costs effective. Coverage options provided through the FAIR Plan are not as broad or desirable as traditional private insurance policies, but they serve as a necessary resource for those ineligible for standard coverage due to various risks or property conditions. In many cases, the coverage offered is non-replacement and limited to specified causes of loss, differing from the more comprehensive options available in the private market.
In addition to providing access to insurance, the Minnesota FAIR Plan promotes property improvements and encourages individuals to pursue more competitive insurance options as conditions permit. It also plays a vital role in community education regarding the insurance landscape, actively working to reduce incidents of fraud and damage such as arson.
To serve the community effectively, the FAIR Plan offers continuing education seminars for insurance professionals, supplying necessary credits and insights. The organization remains a crucial player in ensuring that all Minnesotans have a path to insurance coverage when traditional avenues are inaccessible, fostering resilience and security across the state's property owners.
