Missouri Department of Insurance Announces FAIR Plan Sinkhole Coverage Now Available
Mar 4, 2015
Above: Colodny Fass Insurance Regulatory Lawyer Sharlee Hobbs Edwards Notes Missouri’s FAIR Plan Now Offers Sinkhole Coverage
Missourians can now purchase sinkhole coverage through the state’s Fair Access to Insurance Requirements Plan (“FAIR Plan”), the Missouri Department of Insurance, Financial Institutions and Professional Registration announced today, March 4, 2015.
The FAIR Plan began issuing the stand-alone sinkhole loss policy earlier this year to supplement applicants’ primary coverages.
“The availability of sinkhole coverage through the FAIR Plan is a positive step in the right direction,” said Missouri Department of Insurance Director John M. Huff. “I applaud Governor Nixon and the Legislature in enacting Senate Bill 691 that gives consumers more insurance coverage options.”
SB 691, which enabled the FAIR Plan to provide Missourians with access to sinkhole insurance coverage, provides for coverage of homes and the homeowner’s personal belongings from damage resulting from an abrupt collapse of the ground. However, the new FAIR Plan coverage will not cover damage resulting from settling foundations or earthquakes, although the Missouri Legislature is currently considering proposals that would also allow the FAIR Plan to offer earthquake coverage. Currently, only about 33 percent of residences in Missouri have earthquake coverage.
Missouri’s FAIR Plan was established in 1969.
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