We are required by state law to inspect 100% of new business. Often the inspections reveal deficiencies in the condition of the property that require additional premium until the deficiency is corrected. The deficiency charge rate is $1.00 per $1,000 of coverage for both the dwelling and personal property. The following five areas are those subject to […]
Deficiencies in Condition Read More »
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
Actual Cash Value (ACV) Read More »
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
Property Inspections Read More »
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.
Policy Change Requests Read More »
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.
Minimum Premium Now $250 Read More »