The Washington FAIR Plan Association was established in 1968 to address the needs of individuals and businesses who have difficulty securing property insurance through standard insurance channels. Its primary mission is to provide essential property insurance for dwellings and commercial properties throughout the state of Washington. The FAIR Plan operates under the guidelines set forth by the Washington Administrative Code and is recognized as a Joint Reinsurance Association. As a collective of all licensed property insurance companies in Washington, membership is mandatory for insurers looking to offer policies in the state. Notably, the Washington FAIR Plan does not receive taxpayer funds or state financial aid, distinguishing it from government agencies while still being overseen by the Washington Office of the Insurance Commissioner. The FAIR Plan ensures that coverage is available statewide, provided that properties are occupied and well-maintained. This initiative is crucial for those in higher-risk situations, allowing them to access insurance coverage that might otherwise be unavailable. Furthermore, it fills a significant gap in the insurance market by catering to applicants deemed uninsurable by traditional providers. The Washington FAIR Plan exemplifies a collaborative effort among insurers to protect property owners and businesses, ensuring that everyone has the opportunity to secure basic insurance protection and stability in their housing or commercial endeavors.
