The Massachusetts Property Insurance Underwriting Association, or FAIR Plan, has been granted the ability to file for higher rates for properties in coastal areas thanks to a new law signed by Gov. Mitt Romney. The FAIR Plan, which was created to provide coverage for hard-to-insure properties, had been limited in the rates it could request. In addition, the law expands the coverages available in the FAIR Plan to include the dwelling coverages DP-2 and DP-3. The FAIR Plan legislation was a priority for the Massachusetts Association of Insurance Agents, whose members have been facing market problems for homeowners on Cape Cod and in other coastal communities.
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