DWELLING PROPERTY
QUALIFIED PROPERTYWe cover most dwellings.
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, 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 which have outstanding code violations.
3. Non-owner occupied properties that do not have a current rental certificate where applicable.
4. Properties that are in foreclosure and/or that have unpaid/delinquent payments and/or taxes.
5. Properties that have an unsettled/unpaid claim from a previous claim.
6. Farms. However, we may be able to write a policy on the dwelling only, or coverage may be available in our Farm Property program.
(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 meets Iowa 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.
Dwelling policies may be issued for owner occupied or non-owner occupied on one (1) through four (4) family dwellings used exclusively for private residential purposes. Property with more than four (4) units must be written on a Commercial Property policy.
Note: occasionally we will come across a dwelling with an allowable commercial occupancy, such as a beauty shop. Call for more information.
MOBILE HOMES/MANUFACTURED HOMES
We write insurance on mobile homes/manufactured homes and their contents.
We do not write mobile homes/manufactured homes with wood burning devices in or outside of them.
Premium: The following surcharge will be added to normal dwelling premium.
Owner-Occupied: $5.28 per $1,000 (both dwelling and contents coverage)
Non-Owner Occupied: $10.56 per $1,000 (both dwelling and contents coverage)
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 property completed, signed, and readable Iowa FAIR Plan Dwelling Property Application. 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 12:00 noon the day after it receives 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 Dwelling Property forms:
DP 00 01 07 88 Dwelling Property 1 Basic Form
DP 01 14A 02 06 Special Provisions-Iowa
DP 04 22 04 02 Limited Fungi, Wet or Dry Rot, or Bacteria Coverage
DP 00 QR 07 88 Dwelling Policy Quick Reference
DP 04 41 07 88 Additional Insured
DP 05 38 08 06 Cap on Losses from Certified Acts of Terrorism
(applies only to 1 to 4 family tenant occupied dwellings)
The Iowa FAIR Plan also uses the following independent form:
28 01 86 Restrictive Amendent
$250,000 Limit on dwelling (total dwelling and contents combined).
Policy cannot exceed Actual Cash Value/Market Value of dwelling and/or contents.
COVERED PERILS Owner occupied dwellings:- Fire, Extended Coverage, V&MM.
- Fire, Extended Coverage, No V&MM.
Theft and liability coverage’s are not available through the Iowa FAIR Plan for the dwelling property program.
DEDUCTIBLESThe basic deductible is $250 all peril deductible. $500 and $1,000 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 1,000 feet.
Note: Inspector will make final determination of protection class.
PREMIUM DEVELOPMENTAn aftercharge (A/C) may be added to the dwelling premium to contemplate additional exposures due to housekeeping or physical condition. The aftercharge may be an additional charge of $1.00, $2.00 or $3.00 per thousand dollars of dwelling and contents exposure. If the FAIR Plan makes an aftercharge, the producer will receive a letter explaining the specific reason for that charge. The producer will be responsible for submitting the additional premium to the Iowa FAIR Plan on or before the due date noted in the letter. If the premium is not received, Cancellation Notice will be sent for non-payment.
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