I was recently given a quote for a Farmers policy that is more expensive than our current Fair Plan/wraparound combo. I have thought about waiting until the term of our current Fair Plan expires and then checking the market, but given the current situation in Los Angeles, I wonder if I should get out of the Fair Plan now. We did lose our home in the CZU fire in August 2020. I imagine that Farmers is willing to write a policy because we now have all the WUI code upgrades in place. Thanks for your advice!
Martha Brown asked 2 weeks ago 1 Answers
Consider yourself very luck that you currently have a FAIR plan plus wrap around policy enforce. And an additional policy quote from a reputable admitted carrier like Farmers! From an insurance coverage perspective, a Farmers policy is generally better than a FAIR Plan + wrap-around (DIC) policy for several reasons such as:
-Single Policy Integration… Farmers provides all coverage under one policy with unified terms
FAIR Plan + wrap-around means managing two separate policies with potential coverage gaps)
-Claims Process…With Farmers, you deal with one company for all claims versus potentially two carrier)
-Coverage Breadth…Farmers policies typically offer broader coverage with fewer exclusions
FAIR Plan coverage is more limited, even with a wrap-around policy
-Cost…You may have two separate deductibles with your FAIR and wrap around policy if you need to use both
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