The California FAIR Plan is a state-mandated insurance program designed to provide basic coverage to property owners who cannot obtain it through the traditional insurance market. This is often due to factors like the property’s location in a high-risk area.
Key points about the California FAIR Plan:
If you’re unable to obtain insurance through traditional channels, the California FAIR Plan may be an option. However, it’s essential to carefully review the coverage and limitations of the plan to ensure that it meets your specific needs.
At PSIC, we recognize that the California FAIR Plan can be a valuable resource for property owners who may have difficulty obtaining traditional insurance. However, it’s important to understand that FAIR Plan policies often have limitations on coverage and may not provide the comprehensive protection you need.
If you have a FAIR Plan policy, you may want to consider additional coverage through a Difference in Conditions (DIC) endorsement that you may add to your Homeowners, Mobile Home, or Landlord policy. A DIC addendum can help fill the gaps in your FAIR Plan coverage, providing broader protection for your property. Please, check with your trusted producer which is the best option for you.
By working with PSIC, you can ensure that your property is adequately protected, even in challenging insurance markets.
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Last updated: June 27, 2023
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