MA FAIR Plan Comparison
SAVE 10% ON THE SAME CORE COVERAGES COMPARED TO THE MA FAIR PLAN
New England Insurance Underwriters’ Standard Coastal Homeowners program uses the same ISO HO3 policy form at the MA FAIR plan at a lower price.
| Core Coverage | Massachusetts FAIR Plan | New England Insurance Underwriters |
|---|---|---|
| Coverage A – Dwelling | Maximum – $1,000,000 | $100,000 minimum, $700,000 maximum |
| Coverage B – Other Structures | 10% of Coverage A Cannot be decreased | 10% of Coverage A Limit can be as low as 5% or as high as 50% |
| Coverage C – Personal Property | 50% of Coverage A Can be decreased to 40% Cannot be increased | 50% of Coverage A Can be decreased to as low as 25% Can be increased to as high as 80% |
| Coverage D – Loss of Use | 30% of Coverage A Cannot be increased | 30% of Coverage A Can be increased to as high as 40% |
| Liability Coverage | Massachusetts FAIR Plan | New England Insurance Underwriters |
|---|---|---|
| Personal Liability | Standard limit is $500,000 | Standard limit is $500,000 Options of $100,000, $300,000, $500,000 or $1,000,000 |
| Medical Payments to Others | Standard limit is $5,000 | Standard limit is $5,000 Range of options between $1,000 and $10,000 |
| Other Coverages | Massachusetts FAIR Plan | New England Insurance Underwriters |
|---|---|---|
| All Other Peril Deductibles | Maximum deductible $2,500 | Minimum deductible of $1,000 with options up to $10,000 maximum |
| Named Storm Deductibles | Named Storm Deductible of 2% or 5% applied based on location and limits. No option available for higher Named Storm Deductibles. | Named Storm Deductible starts at 2% with options available up to 10%. |
| Other Windstorm and Hail | Not available | Options of 1%, 2%, 3%, 5% and 10% are available |
| Inflation Guard | Need to be added via endorsement for additional premium | 4% increase automatically included for no charge. Additional options of 6%, 8%, 10% and 12% are available. |
| Home-Sharing Host Endorsement | Not available | Option for home that are occasionally rented with limit up to $1,000,000 to meet MA law effective July 1, 2019. |
Lighthouse Endorsement
NEIU’s Lighthouse Endorsement is what really sets us apart from the Massachusetts FAIR Plan.
By adding NEIU’s Lighthouse Endorsement, you get BETTER COVERAGE than the MA FAIR Plan.
| Massachusetts FAIR Plan | New England Insurance Underwriters | |
|---|---|---|
| Securities, accounts, deeds, evidences of debt, letters of credit, notes other than bank notes, manuscripts, personal records, passports, tickets and stamps. | $1,500 | $5,000 limit |
| Jewelry, watches furs, precious and semiprecious stones for loss by theft, but not more than $2,500 for any one article | $1,500 | $5,000 limit |
| Firearms and related equipment for loss by theft | $2,500 | $5,000 limit |
| Silverware, silver-plated ware, goldware, gold-plated ware, platinumware, platinum-plated ware and pewterware for loss by theft | $2,500 | $5,000 limit |
Portable electronic equipment that:
| $1,500 | $5,000 limit |
| Watercraft of all types, including trailers, furnishings, equipment and outboard engines or motors | $1,500 | $5,000 limit |
| Trailers or semi-trailers not used with watercraft of all types | $1,500 | $5,000 limit |
| Credit card, Electronic Fund Transfer Card or Access Device, Forgery and Counterfeit Money | $500 | $5,000 limit |
| Refrigerated Property Coverage | Needs to be added by endorsement for an additional charge | $500 |
| Lock Replacement Coverage | Not available | $750 |
| Identity Fraud Expense Coverage | Needs to be added by endorsement for an additional charge | $15,000 |
Discounts
| Massachusetts FAIR Plan | New England Insurance Underwriters | |
|---|---|---|
| Loyalty Discount | Not available | Policyholders receive a premium discount of 5% after the first year with additional discounts each year they stay with NEIU, up to 12% after five years |
| Age of Policyholder Discount | Not Available | With at least one (1) member of the household age 36-54, you receive a 2% discount. With at least one (1) member 55 or older, you receive a 5% discount. |
| Protective Devices Discounts | Credits for alarm systems range from 2% for local detectors to 18% for sprinkler system in all areas and central burglar alarm | We factor all protective devises into our premium ranging from Smoke Detectors to Low Temp and Generators. Discounts range from 2% up to a Maximum Credit of 16% |
| Age of Roof Discount | Not Applicable | If your Roof has been replaced in the past 8 Years you could receive a discount of 2% to 8% depending on the age of the Roof. Additional discounts are available for superior Roofing Materials. |
| New Home Discount | Not Applicable | If your home was built in the last 10 years you deserve a discount. Depending on the year it was built, discounts range from 3% up to a maximum discount of 22%. |
If your coastal home does not fit the parameters of NEIU’s admitted program…
New England Insurance Underwriters also have a non-admitted program that also provides true HO3 coverage and is also quite competitive with the MA FAIR Plan. MPIUA – Non-admitted comparison
If you need flood insurance…
New England Insurance Underwriters’ affiliated company, New England Flood Insurance offers private-market Flood Insurance at rates that are 15-25% less than the National Flood Insurance Program.
Who is National Specialty Insurance Company?
National Specialty Insurance Company (NSIC) is rated “A” by AM Best and “A (Excellent” by Fitch. NSIC was founded in 1993.
Who is New England Insurance Underwriters?
New England Insurance Underwriters Is an underwriting agency based in Portsmouth, NH. We have been insuring homeowners throughout New England for nearly twenty years.