FARM PROPERTY
QUALIFIED PROPERTY
Any person having on insurable interest in qualified property may apply to the Iowa FAIR Plan if within the past six months a notice of rejection, nonrenewal, 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.
When more than one dwelling exists at a location a separate policy will be written on each dwelling.
INELIGIBLE PROPERTY
The following properties are ineligible for coverage under the Iowa FAIR Plan Farm Property program. This is not necessarily an all-inclusive list.
- Vacant and/or unoccupied properties
- Properties which have outstanding code violations
- Properties that are in foreclosure
- Properties that have unsettled/unpaid claims from previous losses
- Properties that have unrepaired/unresolved damages from previous losses
- Buildings and structures not in use
ELIGIBILITY REQUIREMENTS
Note: All applications are subject to underwriting approval by the Iowa FAIR Plan; there is no guaranteed eligibility.
- Applicants must have received within the past six months a notice of rejection, nonrenewal or cancellation from an insurer. A verbal rejection is considered an acceptable notice of rejection.
- Properties must be located at a fixed location in Iowa.
- Properties must meet the Plan’s underwriting requirements. (Note: See the Underwriting Rules & Guidelines page for additional information.)
- Separate applications must be submitted for each property location. Applications submitted must be on forms designated by the Iowa FAIR Plan. All questions must be answered and the applicant must sign the form. Incomplete applications may be returned causing delays in processing and effective dates of policies. Please include the correct premium and recent clear photos of the front and back of the home as well as any detached structures.
- Farm Property policies may be issued for owner-occupied or non-owner occupied one (1) through four (4) family dwellings used exclusively for private residential purposes. (Note: Occasionally a home may have a low-hazard commercial occupancy such as a beauty shop that may be considered on an exception basis. Contact the Iowa FAIR Plan for more information.)
REQUESTS FOR COVERAGE
To request coverage a properly completed, legible, and signed Farm Property program application must be submitted along with two (2) photos of the dwelling (front and back) and any detached structures for which coverage is to be provided. The correct premium must also be submitted with the application.
COVERAGE EFFECTIVE DATE/TIME
Iowa FAIR Plan Farm Property policies are effective at 12:01 a.m. the day after the Plan receives everything mentioned above. A later effective date may be requested. Quotes can be requested by noting that an application is being submitted for the purpose of obtaining a quote, in which case no premium should be enclosed with an application.
CONDITIONS OF COVERAGE AND DECLINATIONS
If an application is accepted the Iowa FAIR Plan will determine what coverage forms and endorsements will be used, the effective date coverage will begin, any restrictions or limitations, the deductible that will apply, etc. The Plan may decline a request for coverage, in which case the applicant and the producer will be notified by mail within five (5) business days after receipt of an application.
CHECKS OR MONEY ORDERS
Checks or money orders should be made payable to the “Iowa FAIR Plan”. The Plan cannot accept cash.
NO BINDING AUTHORITY
Producers do not have the authority to issue binders and the Iowa FAIR Plan does not recognize any binders that may be issued by producers. The Plan does not issue binders.
FORMS
The Iowa FAIR Plan uses the following forms on its Farm Property policies. This list is subject to change as new forms are filed and approved.
| FP FP DP 01 04 | Policy Declarations |
| FP 00 01 01 04 | Farm Property Policy |
| FP 00 02 01 04 | Limited Fungi, Wet or Dry Rot, or Bacteria Coverage |
| FP 00 06 04 09 | Water Exclusion Endorsement |
| FP 00 07 01 06 | Exclusion of Terrorism |
| FP 00 05 03 08 | Cap on Losses from Certified Acts of Terrorism |
| FP 00 04 01 04 | Additional Insured |
| FP 00 03 01 04 | Restrictive Amendment |
COVERAGES AND 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 OPTIONS
The basic deductible for all perils is $500. The Iowa FAIR Plan offers deductible options of $1000 and $2500. In some cases we may require an increased deductible as a result of claims history and/or higher values.
COVERED PERILS
On dwelling and other non-farm structures, household personal property, additional living expenses and loss of rents, and farm buildings and structures the Iowa FAIR Plan provides coverage for loss caused by:
- Fire or lightning
- Windstorm or hail
- Explosion
- Riot or Civil Commotion
- Aircraft
- Vehicles
- Smoke
- Vandalism or Malicious Mischief
- Theft (on premises, with $1000 limit)
- Volcanic Eruption
PROTECTION CLASS
The Iowa FAIR Plan uses Protection Class 10 on all Farm Property policies.