{"id":3153,"date":"2019-05-11T08:19:34","date_gmt":"2019-05-11T08:19:34","guid":{"rendered":"https:\/\/sheknowsfinance.com\/?p=3153"},"modified":"2024-01-03T09:32:49","modified_gmt":"2024-01-03T09:32:49","slug":"what-to-do-before-signing-up-for-the-fair-plan","status":"publish","type":"post","link":"https:\/\/sheknowsfinance.com\/what-to-do-before-signing-up-for-the-fair-plan\/","title":{"rendered":"What to do before signing up for the FAIR plan?"},"content":{"rendered":"\n
\"Right<\/figure>\n\n\n\n

If your home is in the tornado alley, an earthquake-prone area or a locality with a high rate of crime, you might find it excruciatingly painful to secure home insurance. High incidences of windstorms and hurricanes make it almost impossible for property owners in these areas to get insurance coverage on their houses. Sometimes, old homes that might have been in need of repair for quite a few years, also do not qualify for the regular home insurance policies.<\/p>\n\n\n\n

What do owners of similar properties do? Sustaining in the US without home insurance is impossible. New house-owners might find it a little easier than the older ones since they can ask their realtor for references of insurance companies that write checks for similar properties. The owners of old properties don’t have it that easy. The depreciating real estate value of their property in combination with the high threat only makes their task of finding an insurance provider harder than ever.<\/p>\n\n\n\n

Is FAIR plan your only option?<\/strong><\/p>\n\n\n\n

During such trying times, you might want to believe that the FAIR plan is your only option. The FAIR plan or the Fair Access to Insurance Requirements is a program that helps the owners of high-risk properties find insurance coverage. However, just like any other insurance plans, FAIR has several qualifying requirements. The homeowners might have to mitigate the risk of fire, eliminate water damage, install surveillance cameras and set up burglar alarms depending on the most prevalent threat in their neighborhood.<\/p>\n\n\n\n

How to find insurance for high-risk homes?<\/strong><\/p>\n\n\n\n

The FIAR plans are different in each state, although their primary aim is the same. The FAIR plan helps homeowners in high-risk areas find insurance, only after the owners have searched for home insurance companies and failed. That is the very reason individuals across the US refer to it as a last resort. However, does it have to be your last resort too? Will you always get the best deals and coverage through the FAIR plan? Will the new insurance policy cover all the perils that are not under your control?<\/p>\n\n\n\n

Here are a few steps you can take before applying for the FAIR plan \u2013<\/p>\n\n\n\n

    \n
  1. Look for insurance agents<\/strong><\/li>\n<\/ol>\n\n\n\n

    The only way to find coverage for your high-risk home is by finding a reliable and genuine insurance agent. They are not difficult to find in any of the 50 states. They have the professional knowledge you might lack, and they have all the necessary resources for finding insurance policies for any high-risk building in your neighborhood.<\/p>\n\n\n\n

    It is understandable that “legacy” insurance carriers only deal with low-risk consumers and they might not have the privileges you are seeking. However, your insurance agent might be able to point you in the direction of another local insurance company; you may have never even considered. History shows us that it is indeed possible to find alternatives to the FAIR plan by allying oneself with professionals from the field of home insurance.<\/p>\n\n\n\n

      \n
    1. What are your neighbors doing?<\/strong><\/li>\n<\/ol>\n\n\n\n

      Unless you live in the middle of nowhere, you will have more than one family living in your high-risk area. There are thousands of homes in the tornado alley, and it is simply impossible that none of them have insurance.<\/p>\n\n\n\n

      If you are new in the area, throw a dinner party. Introducing yourself to your neighbors is a good idea before delving into the details of home insurance. Once you find out which companies have insured them, it should not be too much of a hassle to give those insurance companies a call. Asking your neighborhood store or community center for home insurance leads might also work out for you. A company that has insured homes in the area is highly likely to add another customer to their roster.<\/p>\n\n\n\n