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The federal government made Fair Access to Insurance Requirements plans possible in the late 1960s to make property insurance available to people who couldn’t otherwise qualify for it.

The FAIR plan in your state is available through the Oregon FAIR Plan Association, a high-risk insurance pool created by the state legislature and supported by the property insurance companies licensed to do business there. You qualify for a FAIR home insurance plan only if you can’t obtain coverage in the regular insurance market. The association says to check with at least two insurance companies to find coverage before resorting to the FAIR plan–an insurance agent can help you apply.

The Oregon FAIR plan covers the actual cash value for losses (the cost to replace property, minus depreciation) up to a maximum of $300,000. The plan does not provide coverage for liability or theft, nor does it offer “floaters” for additional coverage for jewelry, coins and other valuables. Standard home insurance plans limit the amount of coverage on such belongings. Exclusions vary by policy, so work closely with an agent to understand exactly what a policy covers and doesn’t cover and under what circumstances.

The Oregon FAIR Plan Association has further information on its website. For more, see FAIR plans: Home insurance for ‘high-risk’ properties.

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