Making changes to your policy

If you wish to change the Named Insured on your policy to another individual or organization, and remove your name, a new Application in the name of the new insured must be sent including current photographs, Building Valuation Worksheet and initial premium payment.  We do not accept assignment of a policy. 

All changes to your policy including changes to your payment plan, must be made in writing.  You can mail, Email, fax, or hand deliver your request to our office.  Our Fax number is 612-338-4543.  Our office is located at 1201 Marquette Ave Suite 310, Minneapolis MN 55403-4425. 

A request for a change in coverage limits will be granted at the discretion of the FAIR Plan Underwriting Department.  Requests for changes in limits of coverage must be accompanied by a properly completed Building Valuation Worksheet, showing how the amount of insurance requested was determined.  Requests for increases in coverage will only be accepted if submitted by the agent or insured; we do not accept such requests from a Mortgage Company or a Mortgage Broker.  The FAIR Plan is under no obligation to provide coverage equal to an insured's mortgage.

It may be necessary to inspect your property prior to agreeing to your request.  If we do inspect your property, the inspection will be done at no cost to you.  We cannot insure any property for more or less than the Insurable Value of the property.

Making Premium Payments

We accept payment by personal check, cashier's check or money order.  We do not accept checks drawn on an agent's account.  Payments must be made payable to: MN FAIR Plan or Minnesota FAIR Plan.  We do not accept third party checks endorsed to the FAIR Plan.

We have set up a lockbox (PO Box address) with our Bank to receive premium payments.  We have taken this step to provide the fastest processing of premium payments possible.  Our lockbox address is printed on the return envelope included with each installment billing as well as the billing itself.  Including your policy number on your check will also help us assure application of your payment to your policy with a minimum of delay.

Payments received at our lockbox with the billing stub included will credited to your policy without delay.  Payments that are received without the billing stub, or payments sent to our physical address, will be delayed in processing when compared to payments sent to our lockbox with the return stub from your billing.  We strongly urge all our customers to use the lockbox address with payment stub included, to eliminate any delay in the application of your payment to your policy.     

Our lockbox does not accept payments that are sent via overnight, certified mail, any method that requires signature on receipt, or any other form of special delivery.  Please do not send payments to our lockbox in this fashion, as your payment will not be applied to your policy.  Payments for which you wish signature on receipt must be sent to our physical address.  This will delay the processing of your payment however, when compared to submitting your payment with payment stub to our lockbox.  There is no real advantage to providing your payment in this fashion, and overnight delivery is also far more expensive.  We suggest allowing sufficient mailing time for your payment, as an alternative to more expensive last-minute delivery methods, that may in fact be slower to process.

If you wish to make your payment in cash, you must visit our office at 1201 Marquette, Ste. 310, during normal office hours.  Your payment must be received by a member of our staff, who will give you a receipt for your payment.  We do not accept cash payments when our office is closed.  Please do not leave cash without receiving a receipt for your payment.

Our lockbox address: MN FAIR Plan  PO Box 581279 Minneapolis MN 55458-1279.  Payments sent to the lockbox must include the billing stub for immediate processing.

Leaving the FAIR Plan

One of the missions of the FAIR Plan is to make maximum use of the private insurance market and to return our insureds to the private market as soon as possible.  In order to return to the private market, you must correct the problem that brought you to the FAIR Plan in the first place. 

If you were unable to get insurance due to your credit history, you will need to either improve your credit rating, or find an insurer that does not use credit as an underwriting criteria.  Not all insurers use credit as a reason to reject applicants.

 If you came to the FAIR Plan because of too many claims, you will need to remain claims free for a few years before a private company will accept you.  Accepting a higher deductible amount will sometimes help in this area. 

If you came to the FAIR Plan due to the condition of your property, you will need to improve the condition of your property before you will be acceptable to a private company.

 Review the Non-renewal or Cancellation Notice that you received from your previous insurance company.  If you cannot tell why you were cancelled, ask your Agent to explain, or contact the company directly for an explanation.  You have a right to know why you do not qualify for private company insurance. 

Once you have a clear understanding of the reason for your non-renewal, cancellation or rejection as a new customer, you will be able to take steps to correct the situation.  If you continue to have questions about the reason you were cancelled or non-renewed, please call the MN Department of Commerce Consumer Response Team at 651-296-2488 or 1-800-657-3602 for further assistance.

If you have questions about how to return to the private market, call us here at 612-338-7584 or 1-800-524-1640.  It will be our pleasure to provide information, advice, and any other assistance needed to help you return to the private market.

 If you are successful in finding coverage in the private market, we will refund your entire unearned premium as of the date that you cancel your FAIR Plan coverage.  We do not penalize our insureds for mid-term cancellation.  For this reason, do not wait for your FAIR Plan renewal date before buying a policy from a private insurer. 

All requests for cancellation must be in writing, and signed by the insured or the insured's agent.  Cancellation requests must include the policy number, policyholder name, insured location, and effective date.  Cancellations effective more than 30 days in the past must include documentation showing the date the insured's interest in the property ended, or the date that a replacement policy was put in force.  A copy of the new declaration page will be sufficient documentation for a cancellation requested as a result of finding coverage with another insurer.