My Property Insurance Was Cancelled
So you just received a cancellation or a nonrenewal from your insurance carrier – now what should you do? We recommend that you follow these steps:
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HO-8 Program
Payment Options
New Business Full payment by check or money order with a new application or 25% plus $5 to use the quarterly payment plan. Payment Frequency Options Annual. 100% of the annual premium with no service fee. Quarterly. This plan requires 25% of the premium plus a $5 service fee for each payment. The Iowa FAIR Plan
Eligibility
The Iowa FAIR Plan Association does not guarantee policy issue. Non-acceptable dwelling or commercial risks include any property that: is vacant or unoccupied or; has one or more open claim(s) or; has unrepaired damages from any previous claim(s) or; is noncompliant with local building codes and/or condemned. Additionally, properties are ineligible for the Homeowners 8 Program
Deficiencies in Condition
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
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Actual Cash Value (ACV)
The DP-1 policy form does 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
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