Producers

Completing the application

Applications can be completed, signed and submitted through our website. The following documentation is required for all new business submissions:

1. A parcel report, property details report, tax statement, or similar document from the county of record showing the assessed value.
2. If purchased in the last 12 months, documentation from the sale is required unless the county records have been updated showing the new owners.
3. Front and back photographs of all structures on the premises. The photos should be in color, taken within 30 days of the effective date, and provide a clear representation of the condition of the risk.

No offer of coverage will be made until all required documentation has been received.

Do you accept payments with the application

No, Premium payments are not accepted with the application. Any payment received with the application will be returned. Once an application has been accepted an offer of coverage and bill will be sent.

How is the property valued

The limit of coverage provided by the FAIR Plan will not exceed the market value of the structures to be insured plus a reasonable addition for debris and demolition expenses. The FAIR Plan uses the broad evidence rule in determining the value of the property. This includes the market value determined by the County Assessor or recent sales price. The Fair Plan will also consider any other information an applicant presents that may have a bearing on the determination of market value

A reasonable amount for debris removal is defined as up to $20,000 or no more than 50% if the limit of coverage is $40,000 or less.

How is the property valued if recently purchased

The sale price will be used to determine the available coverage amount for properties purchased within the last 12 months. The formula for calculating the available coverage amount is as follows:

Do you accept properties in foreclosure

Yes, but they do not qualify for coverage until an exterior and interior inspection has been completed to determine if they will qualify for coverage with the MN FAIR Plan

Do you accept vacant properties.

Yes, we accept vacant properties that are in the process of rehabilitation or listed for sale.