American Modern Home Insurance Review, Ratings, & More

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Overview of American Modern Home Insurance

American Modern isn't exactly a household name, primarily because it always has offered niche insurance policies. Founded in Cincinnati, Ohio, in 1938 as an automobile finance business called The Midland Company, it entered the insurance business in 1965 as a mobile home insurer with the establishment of its American Modern division. By the late 1970s, the company began offering specialty policies, and by 2000, it offered watercraft, all-terrain vehicle, motorcycle, and snowmobile coverage. Today, American Modern Insurance Group is owned by Munich Re and continues to offer specialty insurance lines, which now also include pet insurance, as well as residential coverage for unique situations, such as vacation homes or vacant properties.

How Does American Modern Home Insurance Rate?

Financial Strength Rating

  • Source
    Rating
  • A.M. Best
    A+

Effective Date: January 2020

A.M. Best's Financial Strength Rating opinion addresses the relative ability of an insurer to meet its ongoing insurance obligations. It is not a warranty of a company's financial strength and ability to meet its obligations to policyholders. View our Important Notice: Best's Credit Ratings for a disclaimer notice and complete details at http://www.ambest.com/ratings/notice.

Financial Strength is rated on a scale of D (poor) to A+ (superior). A rating notch of either a second "+" or a "-" indicates the gradation of financial strength within the category. We can't guarantee that the subsidiary of Nationwide Insurance rated here is the subsidiary that will underwrite your insurance policy. Check with your insurance agent and review A.M. Best's Financial Strength Rating Guide for more information.

Best's Credit Ratings™ are under continuous review and subject to change and/or affirmation. For the latest Best's Credit Ratings™ and Best's Credit Reports which include Best's Credit Ratings™), visit the A.M. Best website at http://www.ambest.com. See Guide to Best's Credit Ratings™ for explanation of use and charges.

Best's Credit Ratings™ reproduced herein appear under license from A.M. Best and do not constitute, either expressly or impliedly, an endorsement of MoneyGeek.com or its recommendations, formulas, criteria or comparisons to any other ratings, rating scales or rating organizations which are published or referenced herein. A.M. Best is not responsible for transcription errors made in presenting Best's Credit Ratings™. Best's Credit Ratings™ are proprietary and may not be reproduced or distributed without the express written permission of A.M. Best Company.

Pros and Cons of American Modern Home Insurance

American Modern

pros

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American Modern provides home insurance for specialty markets such as mobile homes, seasonal homes and more.

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You can add extra coverage to the basic home insurance policy by purchasing an Enhanced Coverage endorsement.

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American Modern has a solid mobile app that includes the ability to begin a claim report.

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The company has been proactive in understanding issues related to smart homes and homes featuring automated systems.

cons

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Because American Modern policies are specialized, the company doesn't offer some of the basic discounts usually found on home insurance policies.

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American Modern doesn't have an online rate calculator. Instead, you can call an agent or fill out an information form and submit it online, and an agent will contact you with a quote.

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Their basic insurance coverage provides protection against fewer threats than standard policies.

American Modern Home Insurance Coverage

American Modern home insurance is designed for properties that can't get good rates with standard insurance companies, or perhaps can't get any coverage at all. So it's no surprise that a policy from American Modern is very limited. Its role is not to provide insurance with a lot of extras, but simply to provide insurance for a niche market that might otherwise not be able to find the protection that an insurance policy offers.

American Modern's Standard Coverage Options

The standard coverages on an American Modern insurance policy are about as limited as can be and still offer any protection. You can pay a higher premium and upgrade to enhanced coverage, but the default coverage is pretty bare bones, and you'll need to pay attention to what perils are covered in order to be sure you have the protection you want.

American Modern's Additional Coverage Options

Because the home insurance addresses specialty areas of coverage, there's little competition in the market, so there is little need to offer extras to try to woo consumers to American Modern. Most of the coverage options are presented above, and getting additional coverage involves upgrading to receive the protection usually offered on standard coverages.

Enhanced coverage is available for these additional causes of loss:

  • Collapse
  • Freezing
  • Lockout assistance
  • Power surge
  • Falling objects
  • Water discharge from plumbing, heating or cooling system

Available Discounts on American Modern Home Insurance Coverage

American Modern offers discounts on some of their specialty lines, such as snowmobiles, watercraft, and collector cars, but you won't find any listed for homeowner insurance, not even the ubiquitous bundling, or multipolicy, discount.

How to Make a Home Insurance Claim with American Modern

To file a claim with American Modern, you can call, write, fax, or go online. You can even report a claim through the mobile app. Whichever channel you choose, you'll need to provide all of the pertinent information, such as name, policy number, and details of the incident. You'll be assigned an adjuster, who will follow up with you to collect more details and help you resolve the claim. If it turns out you're entitled to a claim payment, the adjuster might be able to present you with a check right then and there.

How to Contact American Modern Home Insurance

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    CUSTOMER SERVICE PHONE NUMBER

    800-543-2644

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    CLAIM PHONE NUMBER

    800-375-2075

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    QUOTE PHONE NUMBER

    866-880-8651

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About the Author


expert-profile

The MoneyGeek editorial team has decades of combined experience in writing and publishing information about how people should manage money and credit. Our editors have worked with numerous publications including The Washington Post, The Daily Business Review, HealthDay, and Time, Inc., and have won numerous journalism awards. Our talented team of contributing writers includes mortgage experts, veteran financial reporters, and award-winning journalists. Learn more about the MoneyGeek team.