Did you know that the Iowa FAIR Plan Association offers a Homeowners policy? It is the Homeowners 8—Modified Coverage Form. This policy provides named perils coverage on the dwelling and contents on an Actual Cash Value basis. Actual Cash Value (ACV) is replacement cost less any depreciation. Also, the policy provides:
- Coverage A (Dwelling): At least $40,000 and up to $200,000 (ACV)
- Coverage B (Other Structures): 10% of Coverage A (ACV)
- Coverage C (Personal Property): 50% of Coverage A (ACV)
- Coverage D (Loss of Use): 10% of Coverage A
- Coverage E (Personal Liability): $50,000
- Coverage F (Medical Payment to Others): $1,000
- Theft Coverage: $1,000 (ACV)
All applications to the Iowa FAIR Plan Association must be submitted by an agent licensed by the Iowa Insurance Division.