Which plan has a maximum property value coverage limit of $1.5 million and is operated by NJIUA?

The New Jersey Fair Plan, which is operated by the New Jersey Insurers' Joint Underwriting Association (NJIUA), is designed to provide property insurance for those who have difficulty obtaining coverage in the standard insurance market. One of its defining characteristics is the maximum property value coverage limit of $1.5 million. This plan is particularly crucial for homeowners in areas at higher risk for natural disasters or other conditions that make insuring properties more challenging.

The Fair Plan serves as a safety net, ensuring that people can still secure coverage for their properties even if they are considered high-risk. The limits set by the plan, specifically the coverage cap, reflect the risks associated with insuring properties that might not typically qualify under standard policies.

In contrast, the other plans listed do not share the same parameters or purposes as the Fair Plan. They may offer different types or levels of coverage, or their limits may not align with those specified for the Fair Plan. Understanding these distinctions helps clarify why the New Jersey Fair Plan is the appropriate choice in this context.