Insurance Glossary

FAIR Plan

Property

Definition

Fair Access to Insurance Requirements Plan - state-mandated insurance programs providing property coverage to high-risk properties that cannot obtain insurance in the standard market, available in multiple states including California, Illinois, and Massachusetts.

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Related Terms

Actual Cash Value

The repayment value for indemnification due to loss or damage of property; in most cases it is replacement cost minus depreciation.

Depreciation

The decrease in value of property over time due to wear, tear, age, or obsolescence.

Replacement Cost

The cost to replace damaged or destroyed property with new property of similar kind and quality, without deduction for depreciation.

Homeowners Insurance

Insurance coverage that protects your home and personal property against damage, theft, and liability claims.

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