The Ohio FAIR Plan provides coverage on properties that are under formal rehabilitation.
The application and/or property must meet the following requirements:
With the exception of the occupancy requirement, the property must meet the Dwelling
Fire or Commercial Property guidelines.
Copies of all contracts that have been signed for rehabilitation efforts must accompany
the application. The contracts must be signed by both the property owner and the
contractor and must be specific with regard to all work to be performed indicating
the anticipated work start and completion dates and the cost of all such efforts.
The property must be vacant and secured from trespass while under rehabilitation.
The planned rehabilitation work must be significant with anticipated repairs to
electrical and heating systems, significant repairs to the physical condition of
the property, and plumbing repair and replacement. The rehabilitation work may not
be mere renovation of a cosmetic nature.
The rehabilitation work must be starting within 30 days of the coverage effective
date and the maximum length of coverage will be one year.
The property will be inspected to verify that the property is vacant and secured
from trespass. This will be followed by periodic inspections throughout the year
to determine and verify the progress of the rehabilitation work.
The policy will be issued for Fire, Lightning & Extended Coverages only. If
specifically requested on residential dwellings, Vandalism & Malicious Mischief may be added at current
ISO rates for vacant property.
When the work is completed, the Ohio FAIR Plan must be notified of that completion.
Signed contracts must accompany fire-damaged property applications.
An itemized list of repairs plus approximate cost of each repair must accompany
all applications for self-finished work.
For an increase in coverage over the original purchase price, paid material
receipts may be submitted for all self-finished work.
Send notice of cancellation on policies issued for properties that were being
rehabilitated for owner-occupancy. Ideally, that rehabilitated property would be
eligible to get coverage in the standard market. If coverage is not available,
the owner-occupant may reapply to the Ohio FAIR Plan for Dwelling Fire or Homeowners
Endorse policies issued on properties which were being rehabilitated for
tenant-occupancy to add V&MM coverage. The appropriate premium for V&MM coverage will
be billed and an inspection will be ordered.
Send notice of cancellation on policies for properties which were being
rehabilitated for sale. The Ohio FAIR Plan cannot provide coverage for vacant or