Iowa Fair Plan Association

About

The Iowa FAIR Plan Association is a mandatory risk-sharing partnership that is owned by the admitted property insurers in the State of Iowa.

Story

The Iowa FAIR Plan Association is an unincorporated mandatory risk-sharing facility established by state law to provide basic property insurance to qualified applicants who are not eligible for insurance in the voluntary insurance market.

Applicants who have been cancelled or non-renewed should shop for replacement coverage in the voluntary market before applying for coverage through the Iowa FAIR Plan Association. Almost all standard insurance companies will be able to provide broader coverages than those offered by the Iowa FAIR Plan Association.

If applicants are unsuccessful in finding coverage elsewhere they should contact an insurance agent who can then assist them in applying for coverage through the Iowa FAIR Plan Association.

Mission

1. To make basic property insurance available to qualified applicants with the least possible administrative detail and expense.
2. To establish a plan, an industry placement facility and a joint reinsurance association for the equitable distribution and placement of risks among insurers.
3. To utilize fully the voluntary insurance market as a source of essential property insurance.
4. To encourage the delivery of basic property insurance at the most reasonable cost possible, provided that insurance pricing by the FAIR plan is actuarially self-supporting and does not actively compete with insurance pricing in the voluntary insurance market.