AMERICAN MODERN
DP1/ DP3/ Homeowner Flex (HO3)
What is a policy type
Includes Comprehensive (open peril) Coverage on dwelling
What is a DP3
Named perils policy/ There are 16 Perils specifically listed on the policy
DP2 (Broad)
Coverage for damage to your dwelling/property caused by events such as rising water, mud flow, & storm surge originating outside the home.
Do not submit, do not bind
91 days or more laps in coverage
If no Settlement Option is selected
the policy will be covered at Agreed Value & market value should be used to represent Coverage A. This will not represent rebuild cost
Homes Over 50 years or older
Unacceptable
(Exception: Underwriting review required for following states: California, Kentucky, Maine, Maryland, Missouri, New Mexico, West Virginia. )
vacant homes undergoing major renovations
What is a DP1 with Foremost
American Modern prefers either a paid in full OR authorized automated payments from a bank account/credit card. This is not system supported
When a customer has had a lapse in coverage
Limited to actual cash value (ACV)
if the home is over 40 years old.
Owner/ Tenant/Rental/ Seasonal/ Secondary/ Vacant/ Unoccupied/ For sale/ Land Contract/ Rent-to-Own
Occupancy Types
2 or 3 homes on 1 property are acceptable.
American Modern
Aircraft/ Burglary (Only if Selected)/ Explosion (Not by Steam Boilers or Steam Pipes)/ Fire/ Lighting/ Riot or Civil Commotion/ Smoke (Not by fireplaces or agricultural smudging)/ Vandalism or malicious mischief (Only if selected.)/ Vehicles (Not by vehicles owned by the insured.)/ Volcanic eruption/Windstorm or hail.
What is a named Peril
A lapse in prior insurance is acceptable.
California, Delaware, Illinois, Louisiana, Maryland, North Carolina, Oregon, Texas, Virginia, Wisconsin, & West Virginia
What policy Types are offered?
DP1/ DP2/DP3
Unacceptable proof of prior
Force Placed Insurance
(HO4 not acceptable proof of prior)
DC, FL & HI
What states are excluded?
Peril of theft needs to be added if coverage is needed.
What is Personal Property
Residences with single and multiple family dwelling (1-4 condo units) in all FEMA Flood Zones except those beginning with A and V prefixes are eligible
This endorsement does not satisfy federally regulated mortgage lender requirements
Inland Flood
Does not qualify for auto bundle savings
What is Foremost