"As noted in the latest report, the FAIR Plan enrolled more than 173,000 policies in fiscal year 2024, up from 158,660 the previous year. It marks the first year-over-year increase since 2017 and the most significant single-year jump since 2007. The surge is still being analyzed, but experts point to a reshaped insurance landscape driven by climate risks, soaring construction costs, and rising premiums."
"The FAIR Plan is the last-resort insurance for homeowners who can't obtain coverage on the open market. Usually, homeowners become stuck in this situation when private insurance companies deem their property too risky, such as those on the coast, in flood-prone areas, with structural issues, or in high-crime areas. The FAIR Plan covers windstorms, hail, theft, vandalism, snow, fire, and smoke damage, up to $1 million, providing homeowners with coverage they otherwise wouldn't have."
Enrollment in the FAIR Plan increased to more than 173,000 policies in fiscal year 2024, up from 158,660 the previous year. It is the first year-over-year increase since 2017 and the largest single-year jump since 2007. The FAIR Plan operates as a last-resort insurer for homeowners unable to obtain private coverage, covering windstorms, hail, theft, vandalism, snow, fire, and smoke damage up to $1 million. Rising enrollment reflects a reshaped insurance landscape driven by climate risks, soaring construction and labor costs, and higher premiums, creating strains on Massachusetts' housing affordability and insurance market access.
Read at Boston.com
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