The Missouri Property Insurance Placement Facility, commonly known as the Missouri FAIR Plan, was established in October 1969 to provide access to property insurance for individuals who struggle to obtain coverage through traditional insurance channels. The facility is intended as a last resort option for policyholders who own insurable property yet cannot find coverage in the normal insurance marketplace. The FAIR Plan does not compete with voluntary insurers but aims to fill the gap by offering basic property insurance options.
The Missouri FAIR Plan seeks to deliver service and coverage that aligns closely with what is available in the standard insurance sector. To enhance accessibility, the facility recently introduced the ability for consumers to make premium payments online using credit cards and electronic checks. In response to changing market conditions and challenges posed by the COVID-19 pandemic, Missouri FAIR Plan has also made modifications in operations, ensuring continued support for producers and policyholders while implementing safety protocols.
The Plan has expanded its offerings, now accepting vacant properties under specific guidelines and providing renewal options that may increase dwelling limits. The organization is committed to transparency and communication, particularly regarding tentative rates that may adjust based on new risk information.
The Missouri FAIR Plan plays a critical role in the state's insurance landscape by providing essential coverage options, underlining its mission to protect property owners who might otherwise be left uninsured.
