Will I save money switching off a FAIR Plan?
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Possibly, but savings are not guaranteed. The cost of moving off a FAIR Plan depends on your property's location and condition, the coverage you need, current underwriting requirements, and which insurers are willing to offer coverage.
To determine whether switching makes financial sense, compare:
- Any standard-market homeowners policies available to you.
- The total cost of your FAIR Plan plus any Difference in Conditions (DIC) or wraparound policy.
- Coverage from surplus lines or specialty insurers.
A replacement policy may cost less, provide broader coverage, or simplify your insurance by combining coverage into one policy. The only way to know is to compare the total price, coverage, deductibles, and exclusions side by side.