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: [Read more…]

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 Association will direct bill a policyholder 30 days before each installment is due.

Mortgagee Billing Options

  • Mortgagees and/or additional insureds can be billed on renewals only.

Payment Types

  • Checks or money orders should be made payable to the “Iowa FAIR Plan Association”.
  • A current bill can be paid directly from a checking account, debit or credit card.  Click here for more information.
  • The Iowa FAIR Plan Association does not accept cash.

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 if there are unsafe conditions, including, but not limited to: [Read more…]

Replacement Cost vs. Acutual Cash Value

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 the deficiency charge: [Read more…]