Difference In Conditions Insurance
What Is Difference in Conditions (DIC) Insurance? A difference in conditions insurance policy or DIC insurance for short, is a type of insurance that will provide extended coverage for perils that are not covered under your standard insurance policy. A difference in conditions insurance policy is designed to cover gaps in coverage. Typically these policies are used by larger organizations that want coverage from catastrophic perils or homeowners that may need coverage for certain perils that may have a high likelihood of happening in their area (ie; wildfires). If you would like a free DIC insurance quote, please give us a call today at 916 313 6100
Difference In Conditions (DIC) Insurance Quotes
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How does difference in conditions (DIC) insurance work?
Your standard homeowners insurance policies and business insurance policies will only provide coverage for certain perils. Although, you can always purchase additional coverage to expand your coverage, but a normal insurance policy usually doesn’t cover everything. For example, your standard homeowners insurance policy and business property insurance policy will not cover earthquakes and flooding.
Difference In Conditions (DIC) Insurance
To obtain coverage for earthquakes and flooding you will need to purchase additional coverage such as earthquake insurance or flood insurance. If you run a large organization or a very large home, you may want to consider difference in conditions insurance. It’s always best to speak with an independent agent like the ones at Eugene C Yates Insurance Agency. They can help you to determine the best and most affordable route.
What does a difference in conditions (DIC) policy cover
Many natural disasters are covered under a standard homeowners insurance policy or business insurance policy, such as fire, storms, and snow damage. As well there are smaller disasters like theft and roof damage that may be covered under a standard policy. A standard homeowners insurance policy or business insurance policy will cover many common disasters and will provide coverage for the majority of claims.
There are some disasters that are not so common and are not covered under your standard insurance policy. Flooding and earthquakes for example are not covered under a standard homeowners insurance policy or business insurance policy.
Your difference in conditions insurance policy will cover disasters that go beyond the named perils common to the majority of homeowners or businesses. Your DIC insurance policy will have a deductible like most other insurance policies. Although, the difference between a DIC deductible and one on a standard policy is the DIC deductible can be higher than others.
Who needs difference in conditions insurance?
For the most part if you have an HO-3 or HO-5 homeowners insurance policy, you will be covered for the most common perils when owning a home. Although, if you live in an area that is at high risk for natural disasters or catastrophic damage, there is a very good chance your insurance agent may suggest a DIC policy.
Difference in conditions insurance is designed for homeowners and business owners. Mostly for large scale business owners that may need increased coverage for their commercial property insurance policies or homeowners that have a high likelihood of experiencing certain perils. Most difference in conditions policies are connected to business properties or homes in high risk areas. It is very common to see a construction company rely on a DIC policy to make sure they’re covered for a project or a homeowner that lives in a high brush area.
Our clients will often combine the California FAIR Plan with a DIC insurance policy to gain coverage for the majority of risks they may encounter.
Understanding Difference In Conditions (DIC) Insurance
A difference in conditions insurance policy will provide expanded coverage for perils that are not covered under your standard insurance policy.
Difference in conditions insurance policies are designed to increase standard coverage for perils that may result in severe loss such as earthquakes, flooding, and other disasters. DIC insurance is a gap-filler, it will provide coverage that standard insurance coverage will not. You would purchase a DIC policy in combination with your standard coverage.
If you aren’t sure if you need DIC coverage, you may want to speak directly with an independent agent like the ones at Eugene C Yates Insurance Agency. Our agents will take a look at your situation and explore all the options you have available to you. They can help you to determine if endorsements may be a better option or if a DIC policy is right for you. To get a custom quote from one of our wonderful agents, please give us a call today at 916 313 6100