FARM PROPERTY
QUALIFIED PROPERTYWe cover most dwellings and farm buildings.
When more than one dwelling exists, a separate policy will be issued.
Any person having an insurable interest in qualified property may apply to the FAIR Plan if within the last six months a notice of rejection, non-renewal or cancellation from an insurer has been received.
Qualified Property means real and tangible personal property that is well maintained, at a fixed location in Iowa.
INELIGIBLE PROPERTY
The following (but not necessarily limited to the following) are not eligible:
1. Vacant and/or unoccupied properties.
2. Properties that are in foreclosure and/or that have unpaid/delinquent payments and/or taxes.
3. Properties that have an unsettled/unpaid claim on a previous policy.
4. Properties that have unrepaired/unresolved damages from a previous claim.
5. Farm Buildings and Structures not in use cannot be scheduled.
(All applications are subject to underwriting approval.)
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The applicant must have received within the last six months a notice of rejection,
non-renewal or cancellation from an insurer.
The property is located in Iowa at a fixed location.
Property is well maintained and meets FAIR Plan underwriting requirements.
A separate application must be submitted for each property location. Applications submitted must be on forms designated by the FAIR Plan. All questions must be answered and the applicant must sign the form. Incomplete applications may be returned causing delay in processing. Please include the correct premium.
Recent clear photos of the front and back of the dwelling and all buildings to be insured.
Farm Property policies may be issued for owner occupied one or two family dwellings used exclusively for private residential purposes.
REQUESTS FOR INSURANCE COVERAGE, CONDITIONS OF COVERAGE AND DECLINATIONS. PRODUCERS DO NOT HAVE BINDING AUTHORITY. Any binder issued by the producer is not recognized at any time or in any way by the Iowa FAIR Plan. The Iowa FAIR Plan does not issue binders.
To request coverage, submit a properly completed, signed, and readable Iowa FAIR Plan Farm Property Application, including a Supplemental Application for Farm Buildings and Structures, if Coverage E is being requested, along with two photos of the dwelling and any detached structures, including Farm Buildings and Structures, and the correct premium.
The Iowa FAIR Plan will consider beginning coverage effective at 12:01 A.M. the day after we receive these items. Also see Producer Information Section, Submitting Applications over the fax machine. A later effective day may be requested. Application may be made for a premium quote by not enclosing a premium.
The Iowa FAIR Plan will determine the provisions of the coverage provided including effective date and time, coverage forms and endorsements, restrictions, limits and deductible. The Iowa FAIR Plan may decline the request for coverage. If the request is declined, applicant and producer will be notified by mail within five (5) business days after receipt of the application.
Make checks or money orders payable to the Iowa FAIR Plan.
FORMS AVAILABLE
The Iowa FAIR Plan uses the following independent forms:
FP 00 01 01 04 Farm Property Policy
FP 00 02 01 04 Limited Fungi, Wet or Dry Rot, or Bacteria Coverage
FP 00 03 01 04 Restrictive Amendment
FP 00 04 01 04 Additional Insured
IL 09 95 01 07 Conditional Exclusion of Terrorism
FP FP DP 01 04 Policy Declarations
FP FP AP 01 04 Farm Property Program Application
FP FP SP 01 04 Supplemental Application
FP 00 05 03 08 Cap on Losses from Certified Acts of Terrorism
FP 00 06 04 09 Water Exclusion Endorsement
LIMITS AVAILABLE
| Minimum | Maximum | |
| Coverage A Dwelling | $40,000 | $200,000 |
| Coverage B Other Non-Farm Structures | 10% of Coverage A | 10% of Coverage A |
| Coverage C Household Personal Property | 50% of Coverage A | 50% of Coverage A |
| Coverage D Additional Living Expenses and Loss of Rents | 10% of Coverage A | 10% of Coverage A |
| Coverage E Farm Buildings and Structures | $10,000 | $50,000 |
| Deductible | $500 | $2,500 |
COVERED PERILS
The Farm Property Coverage Form covers Dwelling, Other Non-Farm Structures, Household Personal Property, Additional Living Expenses and Loss of Rents and Farm Buildings and Structures against loss by:
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Fire or Lightning
Windstorm or Hail
Explosion
Riot or Civil Commotion
Aircraft, including self-propelled missiles and spacecraft
Vehicles
Smoke
Vandalism or Malicious Mischief
Theft on-premises ($1,000 Limit)
Volcanic Eruption
DEDUCTIBLES
The basic deductible is $500 all perils deductible. $1,000 and $2,500 are also available.
We may require an increased deductible as a result of claim history or higher value homes.
PROTECTION CLASSProtection class 10 is used by the Iowa FAIR Plan.