Option 1
3 Months Minimum Policy Period… The first $250.00 of premium is earned. Example: a 12 month $1,000.00 policy canceled in at the end of the 3rd month is positioned to have $750.00 credited to the policy as “un-earned”. The same policy canceled in the 2nd month, would again only be eligible for a $750.00 credit due to the minimum earned $250.00.
Option 1- (Builders Risk is optional)
Paper Application or Online Application
Homes listed for sale and vacant (not fully earned)
Rental and Seasonal homes
Pricing is based on coverage levels needed, location of home, construction type, loss experience, and the owner’s credit. (No Social Security number required)
Coverage is traditionally bound for 3 months and then is renewable in 3, 6, 9, or 12 month increments. Policies canceled after the first thirty days will result in the un-earned premium being refuned. Also, Premise Liability coverage of $300,000.00 is available.
Coverage extends to the following risks: *
- Lightening
- Fire
- Internal Explosion
- Windstorm **
- Smoke
- Vehicles
- Tornado
- Hail **
**Coastal Restrictions May Apply
All Claims are stettled at “Actual Cash Value” (Replacement Minus Depreciation)
Other structures receive comparable coverage too. Structures such as garages and sheds automatically receive coverage under this policy of up to 10% of the dwelling limit.
Requirements:
Structurally sound homes requiring minor cosmetic repairs are acceptable.
No broken or boarded windows
No unrepaired damage
Yard is relatively clean of debris
Prior losses may be acceptable and will require review.
Carrier will have to manually approve when previous coverage was cancelled/non-renewed or if there was no prior insurance.
Added Options:
Corporate, Partnership, LLC name is Acceptable
Up to 15 separate policies are acceptable for a single LLC
Any age of home
Lower valued homes
No restrictions on Protection class 9 and 10
Insure to Market value
All homes are inspected
Reasonable Repairs Expense is included in the Policy
Automatic on every policy! Temporary repairs to guard against further damage, American Modern will reimburse for the cost of those repairs.
Personal Property Coverage (optional)
This optional coverage protects your customer’s possessions from all the perils listed in the policy.
Personal/Premises Liability (optional)
Because accidents happen, your customer could be held legally responsible for bodily injury or property damage that occurs on the insured’s property. This optional coverage would offer this Liability protection.
Vandalism& Malicious Mischief (optional)
Provides protection from damage caused by malicious intent.
Additional Living Expenses (optional)
A handy coverage for Owner-occupied homes. If the home becomes unlivable due to a covered loss, American Modern will reimburse your customer for any higher-than-normal costs he ncurs for meals, lodging, and more.
Fair Rental Value (optional)
Customer’s renting the home to others may want to add this optional coverage which pays the fair rental value of the dwelling should a covered loss make the home unfit for normal use.
Burglary Coverage is not available under this policy.
Call or contact us for more details 678-682-9700
*Coverage is based on the dec page of the policy. This site and page is informational in nature only.
