Personal Property With Replacement Cost In California
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FAQ
A standard CA FAIR Plan policy only provides financial protection for your home's dwelling and your personal property if they are damaged from four named perils: fire, lightning, internal explosions and smoke.
An eligible homeowner may transfer the taxable value of their home to a replacement property anywhere within California up to three times. Filing a form is required and the transfer must meet certain conditions; more information and forms are provided below. This provision applies to transfers starting April 1, 2021.
California Fair Plan offers coverage for fire, smoke, and vandalism. And while it offers essential protection, it's not a comprehensive solution. Which is why we typically pair this with a second policy called a “Difference in Condition”.
California's property tax rate is 1% of assessed value (also applies to real property) plus any bonded indebtedness voted in by the taxpayers.
For more complete property coverage, consider purchasing the Difference in Conditions, Flood or Earthquake policies which supplement the FAIR Plan policy by covering most perils that we don't cover. The FAIR Plan does not offer these coverages. Contact your broker for more information about them.
A FAIR Plan policy protects your home for the risk of fire, and will satisfy a mortgage company's requirement that your home be insured, but it doesn't cover theft, flood, earthquake, hail, vandalism or personal liability.
A standard CA FAIR Plan policy only provides financial protection for your home's dwelling and your personal property if they are damaged from four named perils: fire, lightning, internal explosions and smoke.
By contrast, agreed value is when, at the start of the policy, a vehicle's value is declared to and agreed with the insurer. It then becomes fixed for the policy period – 12 months in most cases. This will be the amount payable if the vehicle is destroyed in an accident, a fire or is stolen and not recovered.
A standard CA FAIR Plan policy only provides financial protection for your home's dwelling and your personal property if they are damaged from four named perils: fire, lightning, internal explosions and smoke.
