Homeowners

Offer this packaged solution for a home that needs more than just fire coverage.

The homeowners product provides a package of coverage for a full-time or seasonal home that because of its value, age or claim history needs an alternative to HO-3 coverage. It includes named peril coverage, with Broad Form peril upgrades, plus a replacement cost settlement upgrade. Water damage is a new option (up to 100% Coverage A). This replaces the water coverage in the Enhanced Coverage endorsement.

Discounts help customers save

Property coverage has up to ten available discounts, making it pretty easy for you to save a customer 20 percent or more:

  • Approved association membership – 5%
  • Auto policy with agent – 5%
  • Insured aged 50 and older – varies
  • Multiple policies with American Modern – 5%
  • No claim in past 3 years – varies
  • Paperless documents – 1%
  • Paying in full – 5%
  • Policy in effect 5 years or more – varies
  • Central station fire / smoke alarm – 5%*
  • Central station burglar alarm – 5%*
  • Local smoke and / or burglar alarm – 2%*
  • Deadbolt, smoke alarm, fire extinguisher – 2%*

* up to 10% total

Options offer customers added protection

  • Enhanced coverage adds more causes of loss: collapse, weight of snow/ice, power surge, falling objects, glass breakage.
  • Add water damage coverage to a home (up to 100% Coverage A, mold sublimit applies).
  • Add theft coverage to a risk (up to 100% Coverage C).

AMsuite™ makes your work easier

  • Enhanced coverage adds more causes of loss: collapse, weight of snow/ice, power surge, falling objects, glass breakage.
  • Customer data already in the system auto populates fields in a new quote, eliminating duplicate work.
  • Customers can electronically sign required forms, saving you the hassle of chasing and filing paper documents.

 

 Occupancy types • Owner
• Seasonal
 Property description • Single or two-family
• No age restriction unless a row or town home
• Average condition and better
 Value range • $50,000 min.
• $75,000 min. for replacement cost
• $500,000 max.
There will be some state variation but this is the standard.
 Insured for • Market value
• Replacement cost is optional
 Protection classes • 1 to 10
 Coverage • Named peril for dwelling, other structures and personal property
(Named perils same as those on 2014 ISO DP-1 form.)
 Deductible • $500 default
• Optional $1,000, $2,500, $5,000
A peril deductible may apply.
 Loss settlement • Actual cash value for dwelling and other structures / full repair cost or replacement cost are upgrades
• Actual cash value for personal property / replacement cost is an upgrade
 Included coverage • Liability – $25,000 to $500,000
• Personal property – 40% Coverage A
• Other structures – 10% Coverage A
• Reasonable repairs
• Debris removal
• Loss of use – 10% Coverage A
• Fire department surcharge – $500
 Optional coverage • Enhanced coverage (adds collapse,
weight of snow/ice, power surge,
falling objects, glass breakage)
• Hobby farming
• Home equipment breakdown protection
• Identity recovery
• Ordinance or law – 10% Coverage A
• Scheduled personal property
• Service line – $10,000 limit ($500 deductible)
• Theft – limits up to 100% Coverage C
• Water backup/sump overflow – $5,000 limit
• Water damage – 10% to 100% Coverage A
with a $5,000 or $10,000 sublimit for mold
and remediation
 Discounts • Approved association membership – 5%
• Auto policy with agent – 5%
• Insured aged 50 and older – varies
• Multiple policies with American Modern – 5%
• No claim in past 3 years – varies
• Paperless documents – 1%
• Paying in full – 5%
• Policy in effect 5 years or more – varies
• Central station fire/smoke alarm – 5%*
• Central station burglar alarm – 5%*
• Local smoke and/or burglar alarm – 2%*
• Deadbolt, smoke alarm, fire extinguisher – 2%*
*up to 10% total
 Payment options • Full pay
• Monthly, EFT only
• 2-Pay, billed or EFT
• 4-Pay, billed or EFT
• 6-Pay, billed or EFT