Agents are not appointed or contracted with the Iowa FAIR Plan Association. Any agent licensed to write property insurance in Iowa may be a producer and can submit an application to the Plan.

Yes. The FAIR Plan Act set the commission rate at 10%. The Iowa FAIR Plan Association writes only through licensed agents 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, dwellings with unrepaired damage from a previously paid claim, or non-professionally installed wood-burning devices in the dwelling or a wood-burning device or stovepipe in a garage or outbuilding. A complete set of underwriting guidelines are on our website at www.iowafairplan.com.

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 ACV coverage up to two times the assessed value or a total of $250,000 whichever is less.

Commercial Program

• We can provide ACV coverage up to the assessed value or a total of $500,000 whichever is less.

The IFPA simplified the billing process in 2014. This greatly reduced the service work required of our producers and enabled us to 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 done by the IFPA as soon as we receive a completed application from a producer. A complete application is typically quoted the same day it is received.

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. 

Applications are available for download on the IFPA website.

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 contents) and applies due to significantly less than average conditions of the roof, siding, trim, paint, soffits, fascia, gutters, or an overall lack of maintenance of the premises.

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 standard market place.

If standard coverage is unavailable 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. Additionally, we are pleased to announce the availability of an on-line 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

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 900 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 two to one 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, an underwriting audit provided by Nationwide and a claims audit provided by State Farm. 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.