The Illinois Division of Insurance has granted the Illinois FAIR Plan a rate change for Dwelling Property policies. The overall increase is 7.7 percent, effective March 1, 2007. The last increase in the FAIR Plan rate was approved in 2004 at 19.4 percent.
According to FAIR Plan President Doug Jensen, the property market in Illinois works well. “The FAIR Plan has approximately one quarter of 1 percent market share.”
The Illinois FAIR Plan Association is a not-for-profit property insurance association supported by nearly 400 Illinois insurance companies, formed in 1968 to provide basic and affordable property insurance to applicants in the state of Illinois who are unable to purchase coverage through the standard insurance market for reasons beyond their control. FAIR is an acronym for Fair Access to Insurance Requirements. The FAIR Plan is considered a market of last resort.
The FAIR Plan offers dwelling property, commercial property and a range of homeowners coverage for property owners, renters and condominium owners. These products are similar to what is available in the standard market. They provide protection against loss from such hazards as fire, lightning, wind, hail, explosion, smoke, vehicles, aircraft, and vandalism and malicious mischief. The FAIR Plan homeowners policy also protects against burglary, theft and personal liability coverage.
Source: Illinois Fair Plan
Topics Property Pricing Trends Illinois
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