Earthquakes can happen anywhere at any time, but a typical homeowners policy does not cover this potentially devastating peril. American Modern offers the choice of a package policy or byline coverage for earthquake only – not fire, flood, or other ensuing losses.
|Protection||Earthquake insurance is a good idea for your customers and we can provide a package or byline coverage to meet individual needs.|
|Settlement||We settle all claims on a replacement cost basis.|
|Deductible||Deductible is based on the highest individual Coverage limit. Compared to deductibles based on an aggregate of Coverages A, B, and C, this is more advantageous for the customer.|
|Location||We provide coverage in all ZIP codes of authorized states.|
|Personal property||25% Coverage A is included in the package policy with an option to increase –
optional for the byline policy.
|Loss of use/rent||10% Coverage A is included in the package policy – $1,500 included in the byline policy. And your customer has the option to increase.|
|Other structures||10% Coverage A is included in the package policy with an option to increase – optional for the byline policy.|
|Debris removal||5% of the single limit of liability is included.|
|Engineering and demolition costs||5% of the single limit of liability is included.|
|Reconstruction and local building code standards||Limited to $10,000.|
|Loss assessment||5% of the single limit of liability is included.|
|Glass or safety glazing material||Included.|
|Landlord’s furnishings (rental only)||$2,500 for personal property is included.|
|Ordinance or law||10% Coverage A limit is included.|
|Secured water heater||$25.00 credit when your water heater is secured.|
Q: Where is the American Modern Residential Stand-alone Earthquake Program available?
A: This program, offered only through Expanded Markets, is available for all zip codes in AR, IL, IN, KY, MI, MO, MS, NV, OH, OR, TN, UT and WA.
Q: Is the American Modern Residential Stand-alone Earthquake Program a package program or a byline program?
A: Both! The policy can be written on a package or choose the coverage your customer needs with our byline program.
Q:What occupancies are eligible in the American Modern Residential Stand-alone Earthquake Program?
A: Owner-occupied, rental, seasonal and vacant occupancies are available.
Q: What claims settlement options are available on the Earthquake form?
A: All claims are settled on a replacement cost basis only.
Q: What construction types are eligible in the Earthquake Program?
A: Frame, masonry or masonry veneer are acceptable construction types. Stucco or masonry veneer over wood frame or metal frame studs is also eligible. Mobile homes and log homes are not eligible.
Q: What is the minimum dwelling value limit for this program?
A: Minimum value limit for this program is $50,000.
Q: What is the maximum dwelling value limit for this program?
A: Maximum value limit for this program is $2,000,000 with a maximum combined limit (coverages A, B, C, & D) of $2,500,000.
Q: Is there any coverage provided for other structures on this form?
A: Yes! Coverage for other structures such as sheds and detached garages is included up to 10% of the dwelling limit in our package program. Additional coverage may be purchased. Other structures is optional in our byline program.
Q: Is there any coverage provided for personal property on this form?
A: Yes! Coverage for personal property is included up to 25% of the dwelling limit in our package program. Additional coverage may be purchased. Personal property is optional in our byline program.
Q: Is there any coverage provided for loss of use on this form?
A: Yes! Coverage for loss of use is included up to 10% of the dwelling limit in our package program. Additional coverage may be purchased. In our byline program, $1, 500 loss of use is included, with an option to increase.
Q: Are multiple family homes accepted in the Earthquake program?
A: Yes. American Modern will accept up to four-family dwellings and 2.5 stories.
Q: Is there a limit on the dwellings age?
A: No. All dwelling ages are acceptable.
Q: What deductibles are available for the American Modern Residential Stand-alone Earthquake policy?
A: A deductible of 15% of the highest coverage limit is standard with 10% and 20% options available. Options may vary by state.
Q: What are some of the supplemental coverages included in the policy?
A: Supplemental coverages, built-in to both the package and byline program, include debris removal, engineering and demolition costs, reconstruction and local building code standards, loss assessment, glass or safety glazing material, landlord’s furnishings (rental only) and ordinance or law.
Q: How do I quote and issue an earthquake policy with American Modern?
A: All quoting and issuance of policies takes place through modernLINK, American Modern’s on-line quote and issue system.
Q: Can Earthquake Coverage A limit be higher than the primary homeowner policy Coverage A limit?
A: No. Earthquake Coverage A limit may not be higher than and should be equal to the primary homeowner policy Coverage A limit. A primary homeowner’s Declaration Page may be requested for verification. For homes valued at $650,000 and above, American Modern requires a copy of the homeowner’s Declaration Page or a copy of a high valued inspection to verify home value.