The Ohio FAIR Plan Underwriting Association was established in 1968 to ensure essential property insurance coverage for individuals limited in their ability to obtain insurance through the voluntary market. The plan originated to address the needs of property owners in specific metropolitan areas, but has since expanded its reach to cover the entire state of Ohio by 1977. This inclusive approach allows the plan to serve a broad spectrum of properties, including agricultural land, ensuring comprehensive coverage options across various types of real estate.
Supported by all insurance companies that are licensed to offer fire insurance in Ohio, the Ohio FAIR Plan operates on a shared-loss basis where participating companies contribute to the plan’s losses in proportion to their premium volume within the state. This collaborative model not only strengthens the financial viability of the plan but also ensures that policyholders have access to the necessary resources and support when needed.
The core mission of the Ohio FAIR Plan is to provide quality property-oriented insurance products and services that are easily accessible and fairly priced for Ohio residents. This focus on affordability and accessibility makes the plan a crucial resource for property owners needing insurance that may not be available to them through standard markets. Overall, the Ohio FAIR Plan plays an essential role in the state's insurance landscape, reinforcing its commitment to safeguarding property interests in Ohio.
