Authority of Producers / Q: Why would I want to take time to “shop around”?

A.  The Iowa FAIR Plan Association (Plan) should be considered a last resort when seeking property insurance coverage.  The Plan’s policies generally provide less coverage than most standard market companies while charging a higher premium for that reduced coverage.  If you had a Homeowners policy with a standard company you probably had much more coverage than you will get with a Plan Homeowners policy.  In some cases, even though you had a Homeowners policy with another company you may not qualify for a Homeowners policy through the Plan, so you may end up with a Dwelling Property policy instead.  The Dwelling Property policy does not offer coverage as broad as a Homeowners policy, and there is no liability coverage under the Dwelling Property policy.  In almost all cases your best chance to obtain the broadest coverage possible at the lowest premium is going to be through standard market insurance companies rather than the Plan.

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