QUESTIONS AND ANSWERS
Q: I just received a cancellation from my Insurance Company and they told me to contact you.
A: Your insurance was not through the Iowa FAIR Plan. Please look at the top of the Cancellation Notice and determine what Company sent it to you. You should contact either your Agent or the named Company for information about your cancellation.
Q: Who/What is the Iowa FAIR Plan?
A: The Iowa FAIR Plan is an Insurance Association set up by the Insurance Industry to issue policies on properties that do not qualify for insurance elsewhere.
Q: Why did they put your name on my Cancellation?
A: Insurance Companies writing property insurance in the State are required to put Iowa FAIR Plan and the plan’s phone number on all cancellation notices that are sent out in the state of Iowa. The notice will indicate you should contact Iowa FAIR Plan if you find you cannot get insurance anywhere else. What it doesn’t say is that we do not sell directly to the public. You will have to have a Licensed Insurance Agent provide you with the information and help you to apply.
Q: Yours is the only Phone Number on the letter”
A: In most cases this is correct. That doesn’t change the fact that we don’t have access to your policy information and you need to either look in your phone book or call Information to get your insurance company’s number. You need to determine if there is some action you can take to keep from being cancelled by them. Generally the best place to call would be your Agent.
Q: If I have been cancelled by my Insurance Company do I HAVE to go to the Iowa FAIR Plan?
A: Not necessarily. It depends on the reason for cancellation. If, for example, you are being cancelled for non-payment of premium you should immediately contact your Agent who should be able to assist you in getting your policy reinstated. If your policy is being cancelled for another reason you may or may not be eligible for coverage through another Company. You should contact Agents that represent other Companies in order to determine whether or not you are eligible for coverage elsewhere. Your local phonebook is an excellent resource for this.
Q: Why would I want to take time to “shop around”? Wouldn’t it be easier to just buy a policy from you”
A: The Iowa FAIR Plan should be considered a Last Resort for Property Insurance. We generally cover less peril’s than other Companies while charging more premium for lesser coverage. You have probably had what is called a “Homeowner’s Policy”. The Iowa FAIR Plan offers what is known as a “Dwelling Policy”. We do offer a Homeowners Policy but it is not nearly as good as the Homeowners Policy you’ve had and most properties referred to us do not qualify for the Iowa FAIR Plan Homeowners Program. We can USUALLY, however, offer a Dwelling Policy to most applicants.
Q: How much more does your insurance cost?
A: It is very difficult to make a price comparison between what you’ve had and what we’ll be offering you. It’s like comparing apples with oranges because the coverage’s on the two policies will likely be very different. We’ve found, in most cases, that the price of our basic policy is generally more than what you’ve been paying for your full-coverage policy. An Agent can collect the appropriate information and can contact us for a price quote on you behalf.
Q: My Agent says he/she has never heard of the Iowa FAIR Plan?
A: Since the Iowa FAIR Plan only provides insurance to individuals who do not qualify in the voluntary markets some agents have not had a need to use our services. Usually if you give them our name and phone number they will gladly contact us on your behalf. Although any Agent in the State of Iowa can write an Iowa FAIR Plan policy, they are under no obligation to do so. If your Agent feels this is something he/she is not interested in, you will simply have to call a different Agent. If you make a diligent effort to find someone to help you and are not successful, please contact the Iowa FAIR Plan office and we will try to find someone to help you with this.
Q: How difficult is it for an Agent to sign up to write coverage through Iowa FAIR Plan?
A: Agents are NOT under contract with Iowa FAIR Plan. As long as an Agent is licensed to write Property Insurance in the State of Iowa, he/she can write an Iowa FAIR Plan policy. The interested Agent should contact the Iowa FAIR Plan for the proper forms and information he/she will need. The Iowa FAIR Plan will discuss preliminary eligibility of the risk and offer assistance with a variety of premium quotes.
The Staff at the Iowa FAIR Plan takes much pride in our ability to provide excellent customer service. We would invite anyone to contact us.
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