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.
Was this article valuable?
Here are more articles you may enjoy.
Florida Insurance Costs 14.5% Lower Than Without Reforms, Report Finds 
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
A 10-Year Wait for Autonomous Vehicles to Impact Insurers, Says Fitch 
Nine-Month 2025 Results Show P/C Underwriting Gain Skyrocketed From This Issue
