There are numerous factors that go into determining the cost of coverage under the FAIR plan for any individual home, but the average cost across the state is just under $1,100 per year for $250,000 worth of coverage. If the homeowner is looking for say $500,000 of coverage it is roughly double the cost plus additional coverages a homeowner may wish to have. As you can see it can get fairly expensive quickly. If the homeowner wants to get earthquake or flooding coverage they would have to obtain separate policies for those, adding more premium cost.