1. The California FAIR Plan provides:

Basic property (fire) insurance for risks unable to obtain coverage in the voluntary market

The California FAIR Plan is a residual market providing basic property and fire coverage to applicants who cannot obtain it normally.

2. Because the California FAIR Plan provides only basic coverage, an insured often pairs it with a:

Difference-in-conditions (DIC) policy

A difference-in-conditions policy wraps around a FAIR Plan policy to add coverages such as liability, theft, and water damage.

3. Flood coverage for most properties is provided through the:

National Flood Insurance Program (NFIP) or a private flood insurer

Because standard property policies exclude flood, coverage is obtained through the NFIP or private flood insurers.

4. A new NFIP flood policy generally has a waiting period before coverage takes effect of:

30 days

NFIP flood policies generally impose a 30-day waiting period before coverage becomes effective, with limited exceptions.