Plain-English meaning
A state-authorized residual-market program intended to provide basic property coverage to eligible applicants who have difficulty in the standard market.
Why it matters
Coverage may be narrower and may need to be paired with another policy for important gaps.
Where you may see it
State insurance department resources, program applications, declination requirements, and inspection notices.
What to verify
Eligibility, covered perils, limits, settlement, deductibles, exclusions, companion coverage, and inspection duties.
Do not confuse it with
A standard-market homeowners policy or a federal flood policy.
For policy-specific meaning, read the definition and related provision in the issued policy.