What's the primary function of the FAIR Plan in Iowa?

The primary function of the FAIR Plan in Iowa is to provide insurance to high-risk property owners. The FAIR (Fair Access to Insurance Requirements) Plan is specifically designed to offer coverage to individuals or properties that might otherwise struggle to obtain homeowners insurance due to their high-risk status. This can include areas that are prone to natural disasters, properties that have a history of claims, or homes that do not meet standard underwriting criteria.

By ensuring that these high-risk property owners have access to necessary insurance coverage, the FAIR Plan helps maintain property values and community stability, allowing individuals to protect their assets and fulfill legal requirements for property insurance. This is essential for promoting equitable access to necessary insurance services within the community, particularly for those who might feel shut out of the conventional insurance market.