Producers are not individually appointed or contracted with the Iowa FAIR Plan Association. State law provides that every property and casualty insurance producer licensed by the Iowa Insurance Division can submit applications to the Iowa FAIR Plan Association.

A producer may not:

• Bind coverage for the Iowa FAIR Plan Association.
• Settle losses for the Iowa FAIR Plan Association or commit the Iowa FAIR Plan Association to any course of action.
• Decline or refuse to assist a qualified property owner to apply for coverage with the Iowa FAIR Plan Association.

Yes. The FAIR Plan Act set the commission rate at 10%. The Iowa FAIR Plan Association writes only through licensed producers and does not write directly with consumers.

No.

While we make every effort to provide coverage, there are underwriting guidelines that may make a property ineligible, e.g., the IFPA is not a market for vacant or unoccupied dwellings.

A complete set of underwriting guidelines can be found here:

• Commercial
• Dwelling

Yes.

In fact, almost half of our policies are from small towns and rural areas. We currently have policies in 93 Iowa counties.

Dwelling Program

• We can provide the lesser of actual cash value or market value up to $300,000.
• Personal liability coverage is not available. 

Commercial Program

• We can provide the lesser of actual cash value or market value up to $500,000.
• Commercial liability coverage is not available. 

We offer our policyholders quarterly or annual payment options. We electronically bill mortgagees on policy anniversary renewals.

Yes.

We offer annual and quarterly payment plans. There is a $5 service fee for each payment that is not billed annually.

New business, including mortgagee-billed policies, requires a 25% down payment with the $5 service fee.

Once a policy is issued a policyholder may make payments by check, e-check, debit card or credit card.

All quotes are processed by the IFPA as soon as we receive a completed application from a producer. We require up to five business days for quotes, issuing new policies, or processing policy changes. A completed application (with the signatures of all named insureds and the producer) along with proof of payment are needed before a policy is issued.

The quote sheet will include instructions on what is required for policy issue. Typically, this includes signatures by all named insureds, signature by the producer, supporting documentation and the premium required for the selected payment mode.

Send completed applications by email to info@iowafairplan.com. 

The Plan uses the following criteria to determine fire protection class:

• Protection Class 1-8: Inside city limits of a protected city/town.
• Protection Class 9: Outside city limits of a protected city/town but with hydrant within 1000 feet.
• Protection Class 10: Outside city limits of a protected city/town with no hydrant within 1000 feet.

Every property is inspected. A copy of the inspection is available to the policyholder and producer.

Information from the inspection report is used to verify the information on the application. We may make adjustments to deficiency charges if indicated.

One to three deficiency charges may be added to the premium if deficiencies are discovered during an inspection of the property.

A deficiency charge is $1.00 per $1,000 of coverage (both dwelling and personal property).  Deficiency charges apply when the roof, siding, trim, paint, soffits, fascia, gutters, are in need of repair or replacement.

A policyholder may have deficiency charges removed by correcting and documenting the condition(s) that caused the charge to be imposed.

Yes and No.

All policies are renewed on the anniversary three times.  At the end of four years, the policy is non-renewed to encourage the policyholder to check for coverage in the voluntary market.

If coverage is unavailable in the voluntary market, the policyholder may reapply to the IFPA for a new policy. The application is subject to eligibility and inspection, the same as all new business.

No.

All IFPA policies are written on an Actual Cash Value (ACV) basis.

For producers using the most common agency management systems, we can provide an electronic download to your system.

All producers can have access to our online producer portal. This portal provides 24/7 access to:

• Detailed view of active policies
• Claim payment transaction detail
• Current and historical payments
• Application and correspondence
• Payment/billing status
• Print Notices
• Outstanding balances report
• Claims activity report
• Daily activity policy and notice print
• Agent statements
• Summary of the active book of business
• Inspection reports

Producers can access a producer portal using this link:  https://dashboard.imtapps.com/ 

The IFPA uses independent claims adjusters for most claims. We have adjusters that have worked with us for many years and they are very familiar with our coverage forms.

Yes.

The IFPA is an unincorporated partnership owned by the over 800 property and casualty carriers licensed to sell property and casualty business in Iowa. As an unincorporated partnership, these member carriers have unlimited liability for the claims and other expenses of the IFPA. The member carriers function as a reinsurance backstop.

The IFPA has a policy of maintaining surplus to writings at or above 2:1 to maintain our ability to settle claims. The Governing Committee authorizes an assessment of its carrier members to maintain surplus as required. This happens about every 8-10 years but could happen at any time following catastrophic losses.

Every year the IFPA has an outside financial audit, and a claims audit. The Governing Committee consists of experienced executives all based in Iowa. Additionally, the Iowa Insurance Division has assigned a liaison to help guide us as required by The FAIR Plan Act.

The Iowa FAIR Plan only offers property coverage.

We do not write liability, flood, or workers compensation, or any other non-property coverages.