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So just what is "specialty" insurance?
Your agent just recommended a "specialty" insurance policy. What does that mean?
Most insurance companies provide policies that fit a broad segment of the population. A typical homeowner or auto policy tends to be a reasonable fit for the average person because those kinds of polices are intended for people with comparable circumstances. This part of the industry is called the standard market.
The specialty market focuses on customers who need something different, or who need a better fit for their life circumstances. Some examples will explain what we mean:
Your house may be in great shape, but because it is too far from a fire station, a standard carrier may not offer coverage or may price it high.
If you own rental property, a standard homeowners policy will not accept it, so you need something else.
You may have an older home that is near a new development. A standard carrier takes the valuation of those new homes into account when it prices insurance coverage for a community. The result is that you may be required to buy a higher limit than is needed for your home, making the policy too expensive.
A standard auto policy assumes that you drive your car frequently. That establishes a statistical likelihood of an accident, and the carrier prices the policy accordingly. But if you have a collector car, you drive it less, just a few thousand miles a year or maybe none at all. A collector car specialty policy actually costs less because it adjusts for the lower use.
You just bought a new boat. You can add an endorsement to your home policy to protect it. That will give you some basic coverage. But it won't offer you important options like replacement cost valuation. A specialty boat policy gives you more complete protection.
Specialty insurance takes your circumstances and insurance needs into account, often giving you more flexible coverage and more options. It may also be your only real option to protect what is important to you.
American Modern's business is specialty insurance. Our mission is to provide our customers with easy access to quality insurance coverage for collector cars, boats, motorcycles, ATVs, and golf carts, plus rental and vacant property, seasonal and owner-occupied homes, and mobile homes.
