The Rhode Island Joint Reinsurance Association (RIJRA), also known as the Rhode Island FAIR Plan, was established by the Rhode Island Legislature in response to the Federal Urban Property Protection and Reinsurance Act of 1968. The organization aims to provide essential property insurance to individuals and businesses unable to obtain coverage through the traditional voluntary insurance market. This initiative ensures that all eligible properties, particularly in urban areas, can gain access to necessary insurance protection regardless of their environmental conditions.
RIJRA offers a range of insurance policies including Homeowners, Dwelling Fire, and Commercial Property programs, all of which have been approved by the Rhode Island Division of Insurance. To qualify for insurance through RIJRA, applicants must meet reasonable underwriting standards, ensuring that those in need of coverage can still access it while maintaining a degree of oversight and risk management. The association is dedicated not only to offering insurance options but also to understanding and addressing the unique challenges that urban properties face.
Furthermore, RIJRA is committed to corporate social responsibility, emphasizing environmental, social, and governance (ESG) initiatives that align with broader community goals. This commitment is reflected in its operational approach, focusing on the revitalization of urban centers and ensuring fair access to property insurance. The Rhode Island Joint Reinsurance Association stands as a vital resource for property owners in Rhode Island, exemplifying a model where collaboration between government and private entities can lead to positive outcomes for individuals and businesses alike.
