Mass. home insurer of last resort sees spike in enrollment
MassDOT, Public domain, via Wikimedia Commons
Mass. home insurer of last resort sees spike in enrollment
Combination of growing climate risks and inflation likely led to roughly 15,000 new policies added to FAIR Plan in fiscal year 2024
Don’t pull the fire alarm yet, but new data on home insurance in Massachusetts is turning heads across the industry.
Massachusetts enrolled more than 173,000 policies in its insurer of last resort, known as the FAIR Plan, in fiscal year 2024 — marking the first year-over-year increase for the insurer since 2017 and its largest single-year jump since 2007. In fiscal 2023, the FAIR Plan enrolled 158,660 policies.
