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