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 »
Did you know that the Iowa FAIR Plan Association offers a Homeowners policy? It is the Homeowners 8—Modified Coverage Form. This policy provides named perils coverage on the dwelling and contents on an Actual Cash Value basis. Actual Cash Value (ACV) is replacement cost less any depreciation. Also, the policy provides: Coverage A (Dwelling): At least $40,000
HO-8 — Modified Coverage Form 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 »