- 624
Hey,
How do you decide what carrier to use for the Fair plan wraparound?
How do you decide what carrier to use for the Fair plan wraparound?
Best Carrier for a FAIR Plan Wrap
- Thread starter Soaringagent
- Start date
What is a fair plan?
- 1,581
It's the state insurance pool for the worst bums of them all (horrific driving records etc.) I think the state requires each carrier to accept a % equal to their market share. People can't be rejected, the price sucks & payment structures are extremely limited. I don't mess with it.
I DON'T know what a fair plan "wrap" is
I DON'T know what a fair plan "wrap" is
There is a fair plan for homes as well. It takes homes that are otherwise uninsurable. In CA, you see these a lot with homes built in areas that are destined to be burned to the ground in the next few years or on the side of a hill that will be part of the bottom of the hill in the next big rainstorm.
The other big use for fair plan coverage is homes that have several prior losses or have issues such as a bad roof or some moral hazards.
The 'wrap' policies come in and cover the holes in the fair plan, mostly to cover personal property.
I've never written a fair plan policy and as such, have not paid much attention to wraps either. I don't think the wraps are that common.
Dan
The other big use for fair plan coverage is homes that have several prior losses or have issues such as a bad roof or some moral hazards.
The 'wrap' policies come in and cover the holes in the fair plan, mostly to cover personal property.
I've never written a fair plan policy and as such, have not paid much attention to wraps either. I don't think the wraps are that common.
Dan
- Thread starter
- #5
- 624
I was more interested in the Fair plans for homes in area's that are in brush areas where they are uninsureable.
You are wrapping coverage around the fair plan.
In brush cases, if possible, you are better off finding a carrier that will write the whole policy. I know that isn't always possible, but I could usually talk clients into doing the necessary trimming and weedwhacking to get the required clearance. Then there are the ones with the trees..... that doesn't work.
Dan
In brush cases, if possible, you are better off finding a carrier that will write the whole policy. I know that isn't always possible, but I could usually talk clients into doing the necessary trimming and weedwhacking to get the required clearance. Then there are the ones with the trees..... that doesn't work.
Dan
JimmiDrums
Expert
There are several carriers that offer wrap around, also called difference in condition policies. Basically, the FAIR Plan provides coverage against fire and the wrap around policy picks up most of the other coverages offered in a standard HO3.
Different carriers have different terms for writing wrap around policies. Some companies I think you can look into are Pacific Specialty, Travelers and Safeco.
Different carriers have different terms for writing wrap around policies. Some companies I think you can look into are Pacific Specialty, Travelers and Safeco.
- 2,192
Resurrecting a very old post on this as it is now more timely than ever due to the lack of home insurers offering typical HO3 policies in slightly higher risk areas in California now.
The more common term now is DIC, not wrap. Who offers the best DIC policy - frankly most home insurers have some version of it now, so its mostly dependent on the carrier and the policy form.
Not sure if Soaringagent is still out there - but sometimes the best offering is the carrier that is the easiest to work with on these things. Have you tried Aegis?
The more common term now is DIC, not wrap. Who offers the best DIC policy - frankly most home insurers have some version of it now, so its mostly dependent on the carrier and the policy form.
Not sure if Soaringagent is still out there - but sometimes the best offering is the carrier that is the easiest to work with on these things. Have you tried Aegis?
