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Actual Cash Value (ACV)

The DP-1 and HO-8 policy forms do not define ACV and that can leave it to case law. Some courts have interpreted ACV to mean fair market value, i.e., the amount a willing buyer would pay a willing seller in an arm’s length transaction. Other courts have upheld the insurance industry’s traditional definition: the cost to replace with “like kind and quality” less depreciation. The courts have varied in their rulings as to whether or not depreciation includes obsolescence, e.g., loss of …

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HO-8 — Modified Coverage Form

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 …

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Property Inspections

The Iowa FAIR Plan Association uses an independent inspection firm to inspect all properties, and such inspections are done at the expense of the Plan. All properties written by the Iowa FAIR Plan are subject to inspection for eligibility and pricing. Inspectors usually will not go inside the property unless there is evidence of a wood burning device or such a device was reported on an application. In such cases, appointments will be made with consumers so inspectors can inspect …

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Policy Change Requests

All requests for policy changes must be made in writing via mail, fax, or e-mail. Any requests for decreases in limits will require the signature of the Named Insured(s). Cancellation requests from Policyholders require the signature of all Named Insureds. Requests for backdating of more than thirty (30) days will require proof of replacement insurance. Policies cannot be assigned; new applications will be required at any change in ownership.  

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Did You Know?….the Arson Hotline

The Iowa FAIR Plan provides the financial support for the Arson Hotline (1-800-532-1459) and the reward program. This information goes to the Arson and Explosives Bureau to help in the resolution of suspected arson cases. You can learn more about the State Fire Marshal Division by clicking here.

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Conroy Named Executive Director

The Governing Committee of the Iowa FAIR Plan has named Robert D. Conroy, CPCU, CIC to the Executive Director position effective January 7, 2013. Mr. Conroy is an experienced insurance executive with many years of experience as an insurance professional. His extensive insurance experience includes diverse positions that include agent, broker, sales manager, information technology manager as well as several executive positions in the Home Office of a national insurance carrier.  He has been published in several insurance journals, been …

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Minimum Premium Now $250

Summary: Increase in minimum premium charge for Dwelling Property Program. Effective March 1, 2012 our minimum premium will increase from $100 to $250 for all Dwelling Property policies for new and renewal policies.

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Rate Changes

Summary: Rate change for Dwelling Property Program. Effective March 1, 2012 our Dwelling Property rates are increasing.  The base rates for a $250 deductible, protection class 1-8, owner-occupied dwelling are increasing by approximately 15%. Other rating factors-such as deductible credits, protection class 1-8 vs. protection class 9 and 10 relationships, two-family and multi-family occupancy relationships, frame vs. masonry factors will be changing.  Most existing policyholders will see increases between 15% and 20%. If you use our Producer’s Manual regularly and …

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Minimum Deductible

Effective 1/1/2012 the minimum deductible on Commercial policies is $500. Optional deductibles of  $1,000 and $2,500 remain available.

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