My insurance was non-renewed. Now what do I do?

cancelled homeSo you just received a cancellation or a non-renewal from your insurance carrier – now what should you do?  We recommend that you follow the steps listed below:

  1. Ask your insurance agent if there is anything you can do to keep the current coverage, e.g., fixing a roof, cleaning debris from the property, removing animals, etc.
  2. Ask your insurance agent to shop for replacement coverage in the voluntary market.  Many agents have other insurance carriers that may be willing to insure your property.
  3. If you are unsuccessful in finding voluntary coverage, ask your insurance agent for assistance in applying for coverage through the Iowa FAIR Plan Association.  All applications for coverage must be submitted by a licensed insurance agent.
  4. If you need help finding an insurance agent willing to help you with an Iowa FAIR Plan Association application contact us.
  5. Read the Frequently Asked Questions (FAQ) for more information.

Changes to Billing Options

The Iowa FAIR Plan is changing  billing from agency bill to direct bill. Also we are implementing a new quarterly pay plan.

Payment Options

  • We are discontinuing the current 4-pay plan and replacing it with a quarterly pay option for new business and renewals. This new plan requires 25% of the premium as a down payment plus a $5 service fee for each payment. The remainder will be due in 3, 6 and 9 months.
  • Policyholders will be direct billed from the Iowa FAIR Plan 30 days before each installment is due.

Commission Statements

  • Effective July 2015 all Iowa FAIR Plan producers will receive monthly commission statements and a commission check for transactions from the current month.

Midterm Cancellations

  • Refunds for midterm cancellations or endorsements will be sent directly to the policyholder or mortgage company.
  • Any required return of commission will post to your commission statement.

We appreciate your patience and support as we implement these changes. We are certain that your policyholders will appreciate the new payment option.

If you have questions, comments or concerns about these changes please contact us at (515) 255-9531 or by e-mail at info@iowafairplan.com.

Payment Options

New Business

  • Full payment by check or money order with a new application or 25% plus $5 to use the quarterly pay plan.

Payment Frequency Options

  • Annual. 100% of the annual premium with no service fee.
  • Quarterly. This plan requires 25% of the premium plus a $5 service fee for each payment. The Iowa FAIR Plan Association will direct bill a policyholder 30 days before each installment is due.

Mortgaged Billed Options

  • Mortgagees and/or additional insureds can be billed on renewals only.

Payment Types

  • Checks or money orders should be made payable to the “Iowa FAIR Plan Association”.
  • A current bill can be paid directly from a checking account, debit or credit card.  Click here for more information.
  • The Iowa FAIR Plan does not accept cash.

HO-8 Modified Homeowners Policy Growth

ifp2 1140x445The policy count in the HO-8 Modified Homeowners Program is up 400% from just 12 months ago. Why? We think it is because we have improved the process of getting a quote, updated the application and simplified the underwriting guidelines.

If you are a producer be sure to determine if your client qualifies for the HO-8 Modified Homeowners Program before using the Dwelling Property Program. Here are a few useful shortcuts:

Please let us know if you have any questions about this program: e-mail info@iowafairplan.com or call (515) 255-9531.

Updates to HO-8 Underwriting Guidelines

ho8Two changes have been made to the HO-8 Underwriting Guidelines:

  • The first is to clarify that railings are required when three (3) or more steps are present.
  • The second limits the HO-8 eligibility to homes on five (5) acres or less.

Click here for more information about the Iowa FAIR Plan HO-8 Program including: Eligible Properties, Coverage Limits and Forms, Protection Class, Deductible Options, Deficiency Charges, Binding Authority, Payment Options and Requests For Coverage.