The West Virginia Essential Property Insurance Association or FAIR Plan is an insurance association created by West Virginia statute. The name FAIR means Fair Access Insurance Requirements. It was established to assure availability of essential property insurance to those West Virginia property owners unable to secure such insurance in the voluntary insurance market. The FAIR Plan began operation in November of 1986 and accepts applications from all parts of the State.
Every property owner who maintains the property within reasonable standards may apply. Contact a licensed insurance agent who will help you complete an application after first attempting to secure the coverage you need in the competitive market place. The West Virginia FAIR Plan offers essential insurance coverage for buildings and personal belongings. These coverages are:
1. Fire insurance, including coverage for damage caused by lightning.
2. Coverage for damage by wind and hail, aircraft, vehicles, smoke and explosion.
The FAIR Plan offers coverage up to $200,000 for each private dwelling and $500,000 for each commercial property. Liability coverage is NOT available.
The FAIR Plan has some minimum eligibility and fire safety standards which must be met before coverage is provided. Most of the information the Plan needs to determine acceptability is contained in the completed application and photographs of the property. If the application is found acceptable, a one year policy is issued and an inspection of the premises is ordered. The findings of the inspection will determine proof of insurability as well as the rates.