What should you know about this special form of home insurance?

The California Fair Access to Insurance Requirements, or FAIR Plan, is an insurance pool created to ensure that California residents and business owners have access to basic property insurance.  Specifically, FAIR policies are designed to offer coverage for the threats that those in California are at high risk for—namely wildfires.  Curious to learn more about this unique coverage option?  Then please read on.

What does a FAIR Plan dwelling fire policy cover?

The FAIR Plan Dwelling Fire Policy is a named peril policy.  This means it provides coverage for the specific threats listed in the policy.  Generally, these policies offer coverage for the damages caused by fire and lightning, internal explosion, and smoke.

Can I increase my coverage limits?

Yes; for an additional premium you can convert your named peril policy into an open peril policy.  FAIR Plan open peril policies will offer extended coverage for the damages caused by windstorms, hail, explosions, riots or civil commotion, aircrafts, vehicles, and volcanic eruptions.  Additionally, this type of policy will offer coverage for vandalism and malicious mischief.

You can also secure more comprehensive coverage by getting a Difference in Conditions (DIC) policy to supplement your FAIR Plan Dwelling Fire policy.  DIC policies are companions to FAIR Plan policies and offer additional coverage for water damage, theft, and liability issues.

This is what California property owners need to know about the FAIR Plan Dwelling Fire policy.  Do you want to know more about insuring your home or other personal property?  If so, then contact the experts at Weaver & Associates in Arcadia, California.  Our dedicated team is eager to assist you with all your coverage needs today.