Minnesota Fair Plan

What Minnesota Fair Plan does

The Minnesota FAIR Plan is a state-chartered, non-profit property insurance pool established in 1968 under the MN FAIR Plan Act. It operates as the statutory insurer of last resort in Minnesota, providing basic property insurance coverage only to applicants who have been canceled, non-renewed, or otherwise unable to obtain coverage from insurers in the private market. The Plan serves individual consumers and small property owners across owner-occupied primary residences, renters, townhomes/condos, seasonal properties, farms, and small commercial properties, with eligibility conditioned on documented inability to secure voluntary-market coverage.

The Plan's product suite consists of five core form-based offerings: Homeowners 4 (Renters contents broad form), Homeowners 6 (Townhome/Condo unit-owners), Homeowners 8 (Modified Coverage for primary residences), Dwelling Property 1 (Basic Form covering fire, lightning, internal explosion, extended coverage, and vandalism), Farm Fire, and Commercial Fire. Policy administration, premium payments, claims reporting, and producer registration are handled through the Finys online portal (finysprod.mnfairplan.org). Premiums are quote-based with no public pricing schedule; payments may be made in up to four installments (no additional fee for non-mortgaged policies) or by credit/debit card (with a 2.99% processing fee) or EFT.

Distribution occurs through two channels: any Minnesota-licensed insurance producer (who by state mandate cannot refuse to assist with a FAIR Plan application) and direct self-service via the Finys portal. The Plan is governed by a board representing member insurance companies, whose participation factors are determined using MN Department of Commerce data from two years prior. The Plan is a member of the Property Insurance Plans Service Office (PIPSO), the industry association of FAIR Plans that provides shared financial data services. Headcount is 1-10 employees operating from a single Bloomington, MN headquarters.

Name

Minnesota Fair Plan

Legal name

Minnesota FAIR Plan

Website

https://mnfairplan.org

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

1–10 employees

Short description

Minnesota state-chartered property insurance pool established in 1968, serving as the insurer of last resort for Minnesota residents and small property owners unable to obtain coverage in the private market.

Ownership category

akta.pro rank

Headquarters

HQ city

Bloomington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Others, Technology or R&D

Revenue model

1. Insurance Premiums: The Minnesota FAIR Plan generates revenue through insurance premiums collected from policyholders. Premium payments are accepted via the online portal (with credit/debit card processing at 2.99% fee or EFT from checking), mail, or in installments (up to 4 installments with no additional fees for non-mortgage company policies).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

The Minnesota Fair Plan is a state-chartered insurance pool that provides basic property insurance to Minnesota applicants who have been canceled, non-renewed, or otherwise unable to obtain coverage from insurers in the private market. It uses standard insurance forms to issue homeowners policies (Forms 4, 6, and 8), dwelling fire, farm fire, and commercial fire policies. Coverage is distributed through licensed MN producers and managed via the Finys online portal, with the Plan's stated mission to help policyholders transition back to the standard voluntary market.

Product overview

The Minnesota FAIR Plan is a single, unified insurance program established in 1968 to provide basic and affordable property insurance to applicants who cannot secure coverage in the standard private market. The offering consists of multiple insurance product lines: Homeowners policies (Forms 4, 6, and 8) for primary residences including renters, townhome/condo owners, and homeowners; Dwelling Fire insurance (Dwelling Property 1 Basic Form) covering fire, lightning, extended coverage, and vandalism; Farm Fire insurance; and Commercial Fire insurance. All products are delivered through the Finys online portal, which enables policy management, online payments, and claims reporting for both policyholders and licensed producer agents.

Differentiator

Problem solved

Functional benefit

Products and services

• Homeowners 4 Contents Broad Form (Renters) Contents broad form insurance policy designed for renters in tenant-occupied properties who cannot obtain coverage in the standard market.
• Homeowners 6 Unit-Owners Form (Townhomes/Condos) Standard insurance form coverage for townhome and condominium unit owners who are unable to obtain insurance in the standard private market.
• Homeowners 8 Modified Coverage Form Modified coverage homeowners policy for owner-occupied primary residences that have been unable to secure coverage in the standard market.
• Dwelling Property 1 - Basic Form (Dwelling Fire) Basic dwelling fire insurance covering fire, lightning, internal explosion, extended coverage, and vandalism or malicious mischief, for properties unable to secure coverage in the standard market.
• Farm Fire Insurance Basic property insurance coverage for farms unable to secure coverage in the standard market.
• Commercial Fire Insurance Basic property insurance coverage for small commercial properties unable to obtain coverage in the standard market.
• Finys Online Portal Self-service policyholder and producer portal for account management, online payments via EFT or credit/debit card, claims reporting, and access to agent commission statements.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Property Insurance Plans Service Office (PIPSO)coreOthersThe MN FAIR Plan is a member of PIPSO. Financial data is available to member companies through the PIPSO website (www.pipso.com). PIPSO is led by Stephen Jablonski, CPCU, President, located at 44 School Street, Suite 510, Boston, MA 02108.
• Member Insurance CompaniescoreOthersMember company participation factors are based on financial results from two years prior and are determined using MN Department of Commerce data. Member companies participate in the FAIR Plan to help return insureds to the voluntary market. The governing board includes representatives from member companies.

Scale indicators1 record

Recent moves5 records

Expansion highlights3 records

Direct peers

• Texas FAIR Plan Association: Texas's residual-market property insurance pool providing basic fire and allied lines coverage to applicants unable to obtain insurance through the voluntary market — a direct analog in mission, eligibility rules, and member-company assessment structure.
• California FAIR Plan Association: California's state-mandated property insurance pool of last resort, structurally analogous to MN FAIR Plan — provides basic fire and extended-coverage property insurance to homeowners and businesses unable to obtain coverage in the voluntary market, through a licensed-producer network.
• New Jersey FAIR Plan: New Jersey's residual-market property insurance pool providing basic fire and extended coverage to applicants unable to obtain insurance in the voluntary market — a direct peer in statutory structure, product scope, and producer-distribution model.
• Massachusetts Property Insurance Underwriting Association: Massachusetts's state-mandated residual-market property insurance association offering basic homeowners, dwelling fire, and commercial fire coverage to applicants rejected by the voluntary market — directly comparable in product set and statutory delivery model.
• Louisiana Citizens Property Insurance Corporation: Louisiana's state-established residual-market property insurer providing basic property insurance to applicants unable to find coverage in the voluntary market — closely comparable in insurer-of-last-resort role, member-company assessment mechanism, and basic-coverage product set.
• New York Property Insurance Underwriting Association (NYPIUA): New York's state-created property insurance underwriting association providing basic fire and extended-coverage insurance to property owners unable to obtain coverage in the voluntary market — analogous in role, products, and producer-distribution channel.
• Citizens Property Insurance Corporation (Florida): Florida's state-created residual-market property insurer, offering basic homeowners, dwelling fire, and commercial property coverage to those unable to obtain insurance in the private market — most directly comparable in mission and statutory structure to MN FAIR Plan.
• Oregon FAIR Plan Association: Oregon's state-chartered residual-market property insurance association providing basic fire, allied lines, and homeowners coverage to applicants unable to secure voluntary-market insurance — comparable in statutory mission and member-company assessment framework.
• North Carolina Insurance Underwriting Association (Beach Plan): North Carolina's coastal residual-market property insurance pool offering basic fire and windstorm coverage to coastal property owners who cannot obtain voluntary-market coverage — comparable in statutory structure and last-resort insurance delivery model.

Others

• Property Insurance Plans Service Office (PIPSO): Industry association serving FAIR Plan organizations nationwide, including MN FAIR Plan as a member; provides financial data services, benchmarking, and shared industry resources — directly relevant as the MN FAIR Plan's industry-data and coordination partner.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/minnesota-fair-plan

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Minnesota Fair Plan