A FAIR Plan policy is a named-peril policy built around fire. It is not a homeowners policy, so gaps remain.
According to the CDI exam outline, the FAIR Plan provides coverage for these specific perils:
Vandalism/malicious mischief
Current practice differs: the FAIR Plan's own Dwelling page lists fire and lightning, internal explosion and smoke as the base perils, with other coverages, such as vandalism and malicious mischief, optional at extra cost. On the exam, answer with the outline's list.
Filling the gaps: a Difference in Conditions (DIC) policy from a private insurer adds coverages the FAIR Plan lacks, such as water damage, theft and liability. The two are coordinated by peril, not by sharing the same loss, so together they give coverage similar to a homeowners policy. The FAIR Plan does not write DIC policies; the DIC comes from another insurer through a broker.
Keep the pieces straight: a CEA policy covers earthquake only, and an NFIP policy covers flood only. Neither one takes the place of a DIC policy.