HOMEOWNERS
QUALIFIED PROPERTYAny person having an insurable interest in qualified property may also 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 properties are ineligible for coverage:
1. Motor Vehicles
2. Farms (may be eligible for Farm Property Coverage)
3. Vacant or Unoccupied Properties or Rehabilitation Properties
4. Inland Marine Risks
5. Manufacturing Risks
6. Trailer, Mobile Homes or Manufactured Homes (may be eligible for Dwelling Property Coverage)
(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.
The 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 a copy of the non-renewal or cancellation notice from the former insurance company and the correct premium. Recent clear photos of the front and back of the home and any detached structures.
Homeowners policies may be issued for owner occupied one through four (4) family dwellings used exclusively for private residential purposes. They may not contain more than two (2) boarders or roomers per family. Property with more than four (4) units must be written on a Commercial Property policy.
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 Homeowners Program Application along with two photos of the dwelling and any detached structures. Include a copy of the non-renewal or cancellation notice from the former insurance company and the correct premium.
The Iowa FAIR Plan will consider beginning coverage at 12:01 a.m. the day after it received these items. Also see Producer Information Section Submitting Applications over the fax machine. A later effective date 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, the 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 standard ISO Homeowner forms:
HO 00 08 10 00 Homeowners 8-Modified Coverage Form
HO 01 14 02 06 Special Provisions-Iowa
HO 04 81 10 00 Actual Cash Value Loss Settlement
HO 04 26 04 02 Limited Fungi, Wet or Dry Rot, or Bacteria Coverage
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
The Iowa FAIR Plan also uses the following independent forms:
HO 00 QR 01 04 Your Homeowner Quick Reference
HO 00 OS 01 04 Restrictive Amendment
HO FP DP 01 04 Policy Declarations
HO FP AP 01 04 Homeowners Program Application
| 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 Payments | $1,000 | $1,000 |
| Deductible | $500 | $2,500 |
COVERED PERILS
The HO-8 Modified Coverage Form covers Dwelling, Other Structures, Personal Property and Loss of Use against loss by:
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Fire or Lightning
Windstorm or Hail
Explosion
Riot or Civil Commotion
Aircraft
Vehicles
Smoke
Vandalism or Malicious Mischief
Theft on-premises ($1,000 Limit)
Volcanic Eruption
Personal Liability and Medical Payments to Others coverage’s are provided (subject to the provisions of the policy).
DEDUCTIBLESThe basic deductible is $500. $1,000 and $2,500 deductibles are also available.
We may require an increased deductible as a result of claim history or higher value homes.
PROTECTION CLASS
Protection classes used by the Iowa FAIR Plan are as follows:
1-8: Inside city limits of protected city/town.
9: Outside city limits of protected city/town with hydrant within 1,000 feet.
10: Outside city limits of protected city/town with no hydrant within 100 feet.