Iowa Laws regarding property insurance

Iowa Basic Property Underwriting Association

-Provide insurance to property owners in inner city and high risk areas who are unable to get it
-Excludes flood, earthquake, and mine subsidence

Cancellation/Nonrenewal

-Can not cancel policy with out notice to insured

Notice of cancelation

-Delivered to insured at least 20 days before cancelation

Nonpayment of premium

-Notice 10 days before cancelation

Notice of intention not to renew

-At least 30 days prior to expiration date
-At lest 45 days prior to a commercial policy

If policy is canceled by insured

-Insured may pay short rates to company

If policy is canceled by insurance company

-Insurer may retain only the pro rata basis

Standard Fire Policy

-Direct loss by fire, lightning
-pays actual cash value