We took possession of the old farmhouse (finally!) and encountered a whole other problem — houses can be un-insurable. Luckily, the government seems to have thought of that. In Ohio, there are insurance providers who offer FAIR Plans (Fair Access to Insurance Requirements) — basically the insurance world’s “fine, we’ll cover part of it” option for homes that most underwriters won’t touch. FAIR Plans aren’t exactly a regular private insurance product, but they’re not just the government writing you a policy either. They’re state-created backup options designed to make sure hard-to-insure homes can still get coverage.

We’ve got knob and tube wiring, a roof that may be older than me, and too much what the real estate listing would call “personality”. The FAIR Plan provides limited coverage while stuff gets fixed

FAIR Plans are not magic. They’re often:

• more limited than a standard homeowners policy
• more expensive
• focused on basic risks
• missing some protections unless you add separate coverage

The insurance plan we are looking at won’t cover the roof – it needs to be replaced. We know that, the former owner knows that, anyone who drives by the house knows that. And collateral damage from the k&t isn’t covered. But! If the next storm blows a tree into the front wall? We’re covered. We’ve got liability coverage in case one of our friends gets hurt while checking out the new place.

Basically they’re better than nothing. And, once you get all the stuff fixed that a traditional underwriter wants to be in wonderful shape, you buy different insurance.