American Modern Insurance Overview
Plenty of American homeowners have found it to be more than a little bit challenging to purchase quality insurance to protect their property and their financial future, especially if they have anything less than picture-perfect credit, a property in near perfect condition, and are unwilling to pay skyhigh rates and fees with traditional insurance companies.
At the same time, carrying a mortgage on any property is going to necessitate the investment in property insurance – and on top of that, it’s just sound financial advice that anyone purchasing property recognizes right out of the gate.
American Modern Insurance is a specialty insurance agency, specifically focused on offering insurance to homeowners that are not able to find adequate coverage from the more traditional or mainstream insurance operations out there.
While customers are not likely to find the least expensive insurance available from American Modern Insurance, at the end of the day they may be able to take advantage of complete and comprehensive coverage that fits their specific situation better than any other on the market – all while leveraging fantastic service from a company with a solid reputation in this industry.
Right out of the gate, it’s important to recognize and appreciate the fact that the American Modern Insurance company is anything but a traditional insurance company offering your standard fare when it comes to home insurance and similar policies.
As we highlighted above, this is not an insurance company that most homeowners are going to need to move forward with unless they are dealing with very specific property situations – in which case this company is ideally suited to fit those needs.
This is a company that works with homeowners that have property that does not fit the atypical “primary residence” purchase that most Americans are going to make. Instead, American Modern Insurance offers coverage to those that are looking to protect vacation homes, mobile and manufactured homes, as well as vacant properties – all while offering landlord insurance as well.
The kinds of policies that this company provides a rather unique, which is why it has the “specialty insurance” designation. You probably won’t find a lot of protection for vacation homes that covers a cooking fire (for example) – but you will find a lot of protection for storm damage, as the home is anticipated to only be used a handful of times or at least and frequently throughout the year.
High-value and high-end vacation homes can be covered with the specialty insurance available from this company, though any vacation home (in most situations) can also have a policy created for that property with American Modern Insurance.
Obviously, the higher dollar value homes are going to have higher premiums, but everything from a rustic woodland cabin to a beachfront property can be protected with specialty packages directly from this insurance operation.
Another big differentiating factor that helps to separate American Modern Insurance from most of the other traditional homeowner insurance companies out there is a fact that this company is so comfortable offering homeowners policies to those with mobile and manufactured homes.
First-time purchasers of these kinds of properties are routinely shocked and dismayed to learn that the overwhelming majority of traditional insurance companies out there simply do not offer policies for these kinds of properties. This leaves these home buyers in a sticky situation, especially if they expect or anticipate to be using these kinds of homes as their primary residence moving forward.
With American Modern Insurance all of your bases are covered when it comes to mobile and manufactured homes. These properties might not be traditionally eligible with your average home insurance company, but nothing can be further from the truth when you choose to move forward with American Modern Insurance.
Landlord insurance is a relatively unique insurance opportunity individuals and organizations can take advantage of through this company, and again something not traditionally available through your “regular” insurance companies.
This kind of coverage is specifically designed for people or organizations that own multiunit buildings and rent the property out to other individuals, providing all kinds of protection, insurance, and financial security in these situations that would have been difficult to cobble together individually from your traditional insurance companies.
The vacant property insurance from American Modern Insurance is also a big part of this company’s portfolio, protecting homes and vacant lots that are unoccupied for longer stretches of time. This is relatively affordable insurance compared to the protection and coverage that is available, but again it’s not the kind of policy that you’re going to find regularly advertised with most operations out there.
To be fair, the bulk of the insurance plans and packages available from this company are decidedly “niche”. This is not a company that aspires to work with all homeowners of all walks of life, but instead is a very specific, very narrow, and very focused kind of company that wants to offer around a half a dozen different solutions for individuals that would not have been able to take advantage of specialty insurance otherwise.
This insurance company is also one that’s willing to work with insurance customers that simply could not get coverage with your traditional outfits. Homes in high risk locations (particularly along coastal areas in severe storm locations), homes that are very old or have historic designations, or customers that have had a high number of insurance claims in the past are all going to be able to be protected under the umbrella coverage available from American Modern Insurance.
- If you have had a tough time getting homeowners insurance from traditional companies, the odds are American Modern Insurance is a good fit
- Specialty coverage in niche areas of focus can provide extra peace of mind and financial security
- A variety of tailored plans and packages available to those that don’t fit neatly into the traditional insurance “boxes”
- Specialty coverage can be quite a bit more expensive than your traditional homeowners insurance policies
- Coverage is not complete and comprehensive but instead focused and narrow
- Homeowners in New York and Florida won’t be able to take advantage of American Modern Insurance plans
What Real Customers Have to Say
As far as the overall reputation for the American Modern Insurance company is concerned it is a little bit of a mixed bag.
With more than 74 reviews on the Clear Insurance customer review aggregate site, a site never views and ranks insurance companies, American Modern Insurance currently has a 3.74 out of 5.0 star rating. Customers report that they are 74% likely to renew their policy, 72% would recommend this company to their friends and family members, and generally this company has a favorable experience rating.
At the same time, other reviews online talk about how the claims process with the American Modern Insurance company can be long, drawnout, and more than a little bit challenging to navigate. Some customers feel that they do not move as quickly as they could, as quickly as other companies, and that they aren’t as communicative as they should be throughout the process, either.
On top of that, customers have reviewed this company unfavorably for their expensive specialty policies. To be fair, however, American Modern Insurance is rather transparent about the fact that they are a specialty insurance company and are not hiding or otherwise obfuscating the fact that they charge a little bit more than traditional companies to offer the kind of coverage that those companies do not.
The company does have a favorable rating with the Better Business Bureau and the majority of the reviews left online trend towards a neutral/positive direction as opposed to a negative direction. Many of the reviews, including those that have been left by customers unhappy with the claims process, talk about how happy they are that some company out there provides niche insurance the way that American Modern Insurance does – and as we mentioned above, the overwhelming majority of reviewers say that they are likely to renew their policy and continue moving forward with this insurance company.
At the end of the day, if you are looking for specialty insurance and cannot find it with traditional providers – or if you are having a tough time getting homeowners insurance due to any different number of reasons involving you, your property ownership history, or the property you are looking to protect in the first place – the odds are pretty good that American Modern Insurance will be able to assist.
The excellent financial rating that this company has provides a lot of safety and security for customers unsure about whether or not they should move forward with this organization, and the overall tone and tenor of the most customer reviews are also quite positive.
Individuals will certainly pay a little bit more for this boutique and niche insurance to be sure, but most agree that if the choice is between no insurance whatsoever or paying a slight premium for financial security and safety than there really isn’t any choice at all.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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