HOMEOWNERS
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.
INELIGIBLE PROPERTY
The following properties are ineligible for coverage under the Iowa FAIR Plan Homeowners program. This is not necessarily an all-inclusive list.
- Vacant or unoccupied properties and rehabilitation properties
- Properties that are in foreclosure
- Properties that have unsettled/unpaid claims from previous losses
- Properties that have unrepaired/unresolved damage from previous losses
- Motor vehicles and/or inland marine equipment
- Trailers, mobile home, or manufactured homes (Note: These may be eligible under the Dwelling Property program.)
- Farms (Note: Farm dwellings and other farm structures may be eligible under the Farm Property program, or the farm dwelling may be eligible under the Dwelling Property program if all other structures are deleted.)
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 be well maintained and 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.
- Homeowners policies may be issued for owner-occupied one (1) through four (4) family dwellings used exclusively for private residential purposes. Properties cannot have more than two (2) boarders or roomers per family. Properties with more than four (4) units must be written in the Commercial Property program. (Note: Occasionally a home may have a low-hazard commercial occupancy such as a beauty shop that may be considered on an exception basis. Such exceptions require that the homeowner have a business liability policy in force with a limit of at least $100,000 per occurrence providing premises liability, and the homeowner must provide a copy of such a policy to the Plan. Contact the Iowa FAIR Plan for more information.)
REQUESTS FOR COVERAGE
To request coverage a properly completed, legible, and signed Homeowners program application must be submitted along with two (2) photos of the dwelling (front and back) and any detached structures. Failure to provide photos will result in an immediate rejection of the risk. The correct premium must also be submitted with the application.
COVERAGE EFFECTIVE DATE/TIME
Iowa FAIR Plan Homeowners 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 Homeowners policies. This list is subject to change as new forms are filed and approved.
| HO FP DP 01 04 | Policy Declarations |
| HO 00 QR 01 04 | Your Homeowner Quick Reference |
| HO 00 08 10 00 | Homeowners 8—Modified Coverage Form |
| HO 01 14 06 08 | Special Provisions—Iowa |
| HO 04 26 04 02 | Limited Fungi, Wet or Dry Rot, or Bacteria Coverage |
| HO 16 09 01 09 | Water Exclusion Endorsement |
| HO 04 81 10 00 | Actual Cash Value Loss Settlement |
| HO 04 41 04 91 | Additional Insured |
| HO 04 44 04 91 | Residence Premises (three or four family) |
| HO 05 43 10 00 | Residence Held in Trust |
| HO 00 OS 01 04 | Restrictive Amendment |
COVERAGES AND LIMITS AVAILABLE
| Minimum | Maximum | |
| Coverage A (Dwelling) | $40,000 | $200,000 |
| Coverage B (Other Structures) | 10% of Coverage A | 10% of Coverage A |
| Coverage C (Personal Property) | 50% of Coverage A | 50% of Coverage A |
| Coverage D (Loss of Use) | 10% of Coverage A | 10% of Coverage A |
| Coverage E (Personal Liability) | $50,000 | $50,000 |
| Coverage F (Medical Payment to Others) | $1,000 | $1,000 |
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
The Homeowners 8—Modified Coverage Form provides coverage for the Dwelling, Other Structures, Personal Property, and Loss of Use against loss 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
Personal Liability and Medical Payments to Others coverages are also provided subject to the provisions of the policy.
PROTECTION CLASS
The Iowa FAIR Plan uses the following criteria to determine protection class:
- Protection Class 1-8: Inside city limits of protected city/town.
- Protection Class 9: Outside city limits of protected city/town but with hydrant within 1000 feet.
- Protection Class 10: Outside city limits of protected city/town with no hydrant within 1000 feet.
Property inspectors will provide information about location of property with regard to city limits, distance from hydrants, and any other pertinent information regarding the potential protection class designation to the Iowa FAIR Plan, and the Plan will make the final determination as what protection class will be used.