American Modern Renters Insurance: Is it Worth Protecting Your Rental Property?

Discovering the proper insurance agency to work with needs thorough research, and it’s pretty much a chore to compare each company. However, it’s necessary so you can determine the right one that fits your needs, mainly when it comes to rental property insurance. So American Modern renters insurance is great to start.

This company is indeed one of the best companies when it comes to rental property insurance. Therefore, we’ll dig deeper into American Modern and the tailored insurance for rental owners in our article.


About American Modern Insurance Group

Before we particularly give you information about American Modern Renters insurance, it’s important to know about the company profile. The American Modern Insurance Group, Inc., is a remarkable leading specialty insurance company that delivers products and services for residential property.

It has special insurance for manufactured homes, specialty dwellings, and the recreational market, including boats, classic cars, personal watercraft, and others. Furthermore, it has specialty product solutions that cover what the competitor often can’t.

The company writes admitted products across all 50 states and achieves a $1.9 billion premium volume. In addition, this insurance is part of Munich Re’s Global Specialty Insurance division with headquarters in Amelia, Ohio. It also has dedicated employees that work together for your reliable insurance and satisfaction.

What is American Modern Renters Insurance?

American Modern offers tailored products that suit seasoned real estate investors, resort area investment property owners, or en first-time landlords. With its products, you’ll find insurance coverage appropriate for your rental property. Moreover, you can benefit from full coverage or simply need replacement costs.

American Modern provides those two types of coverage where the agent will explain the coverage differences. Moreover, the dedicated agent will help to choose the right policy that fits the rental property. Besides it has short-term insurance for rental properties.

The policy is eligible to accept rental terms as short as one week by adding a simple endorsement. Further, this short-term insurance is vital if you’re part of the VRBO or Airbnb market. By doing this, the coverage will maintain your investment protected even when you’re between guests.

Apart from short-term insurance, it is also great for real estate investors who have multiple rental properties. This American Modern Renters Insurance can simplify insurance management when combining all holdings in one policy form, with one payment schedule and renewal date.

What are American Modern Renters Insurance Coverages?

Many rental owners are searching for rental property coverage for an investment property, vacation home, or a home that they were unable to sell and rent. Unfortunately, standard homeowners policies can refuse claims if the policyholder isn’t aware that properties are being rented.

One good point about American Modern is how it offers flexible policies and expert consultation that allow you to provide the customers with the guidance they require. Below are several of its product and offers in rental property insurance:

1. Dwelling Basic (DP-1)

The Dwelling Basic is a product that provides vital and flexible coverages for rental and seasonal homes. Furthermore, it has all occupancy types like seasonal, vacant, rental, and owner-occupied. Plus, it has no restriction on the properties’ age and whether fair or better condition.

In addition, it is eligible for standalone and non-residential structures with up to four-family construction. The company also offers several features like named peril protection, actual cash value settlement, standalone structures coverage, and liability coverage. 

2. Dwelling Special (DP-3)

Next is Dwelling Special which offers comprehensive coverage for short-term, occasional rentals, and temporary vacancies. So it’ll be eligible for rental or seasonal occupancy even at home up to 80 years of age. Besides, it can accept properties with above-average conditions or better with single to four-family structures.

Additionally, this product has coverage of full replacement cost settlement and prior claims acceptable. Not to mention, the absolute protection with personal property and loss of rent coverage.

3. Landlord Dwelling

The Landlord Dwelling has two solutions that are tailored to protect the interests of landlords. The first one is a comprehensive coverage option for homes up to 80 years of age and roofs updated within the past 20 years. Further, it is eligible for above-average or better conditions and up to a four-family structure-property.

Meanwhile, the second one is a flexible coverage option that suits older homes with no age limit on coverage. It also can accept fair or better conditions and up to a four-family property structure.

How Much Does American Modern Renters Insurance Cost?

This company has mediocre prices for its insurance products. Determining the exact price for its rental property insurance quotes is difficult. The premium will be determined based on your data, properties, coverages, and risks.

However, the average dwelling coverage is around $2,000 per year. Regardless, it’ll be determined based on case by case.

American Modern Renters Insurance Ratings and Reviews

Based on our investigation, American Modern obtain negative reviews about its customer service. This insurance company received a rating from the NAIC of 3.47/5, indicating that it got many more complaints than expected for the size. 

Furthermore, the most common complaint was delays in paying out claims and processing. However, this insurance company has excellent financial ratings. 

For instance, it has an A+ rating from AM Best which indicates this provider has very strong financial practices and that the client shouldn’t be concerned about the provider’s ability to cover future claims.

So, is American Modern Renters Insurance Worth it?

American Modern is a solid player in the renters’ insurance field and they’ve specialized in tailoring the unique needs of the clients. But if you look at the infamy for receiving poor customer service and consider that its insurance plans are fit for you, then this company is an excellent option. 

Besides, if you consider its premium vacation rental insurance plan that’s custom-made and tailored to your exact needs it reflects the renters’ needs. On top of that, this American Modern Renters Insurance offers rental business insurance not only for multiple kinds of buildings but also vehicles.

Overall, although it has poor customer service, with its tailored coverage and strong financials it’s a good option. Lastly, we hope our article can help you to find the most suitable insurance for rental properties!


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