What is a “FAIR Plan”?

The Urban Property Protection and Reinsurance Act of 1968 authorized the establishment of FAIR Plans. FAIR is an acronym for Fair Access to Insurance Requirements. Many states, including Iowa, followed up with state legislation to enable a FAIR Plan to meet the needs of citizens in their own state.  The Iowa FAIR Plan Association was formed on October 25, 1968.

The Iowa FAIR Plan Association is an unincorporated mandatory risk-sharing facility established by state law to provide basic property insurance to qualified applicants who are not eligible for insurance in the voluntary insurance market. Applicants who have been canceled or non-renewed should shop for replacement coverage in the voluntary market before applying for coverage through the Iowa FAIR Plan Association.  Most standard insurance companies will be able to provide broader coverage at lower premiums than those offered by the Iowa FAIR Plan Association for qualifying properties.

If consumers are unsuccessful in finding coverage elsewhere they should contact an insurance agent who can then assist them in applying for coverage through the Iowa FAIR Plan Association. All applications for coverage with the Iowa FAIR Plan Association must be submitted by an insurance agent licensed by the State of Iowa.

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