Definitions for "FAIR plan"
An acronym for Fair Access to Insurance Requirements, these plans have been established in many states to make fire and extended coverage (and homeowners in some states) available in areas otherwise not addressed by the voluntary market.
An acronym for "Fair Access to Insurance Requirements," FAIR offers insurance to people in high-risk areas who might otherwise be denied coverage. Reinsured by the United States government, FAIR is a pooling plan providing policies for fire and allied perils.
The Fair Access to Insurance Requirement Plan is a program established to provide access to insurance for property owners in areas that most insurers will not insure; examples include flood prone areas or beachfront properties.