What is the purpose of the North Carolina FAIR Plan?

The North Carolina FAIR Plan serves the crucial role of offering property coverage to individuals who are unable to secure insurance through standard markets due to high-risk factors. This program is specifically designed for homeowners, renters, and small businesses that may face challenges in obtaining conventional coverage. It is a state-backed initiative that ensures that all residents have access to insurance, particularly those in areas prone to natural disasters or those who possess risk characteristics that make them undesirable to standard insurers.

By providing this coverage, the FAIR Plan aims to mitigate the difficulties faced by high-risk policyholders and to promote stability in the property insurance market within North Carolina.