I have blogged before about your best option, when your home insurance is being canceled by your insurance company, is to appeal your homeowners insurance cancellation, and see if your insurance company will reinstate your home insurance coverage.
Is your home or auto insurance company better or worse than average? I review all the leading auto & home insurance companies in the USA, using each company’s customer survey results from recent JD Power insurance studies, as well as each company’s complaint record, to determine if a company is performing better than average, average, or worse than average, for customer service, claims, & price. How is your insurance company rated? Is its coverage competitively priced? Does it have a higher than average number of customer complaints? Find out by reading the reviews on my home page by clicking smartshopyourcarinsurance.com.
Sometimes your appeal will be successful (you can click the link in the above paragraph for tips on how to appeal your insurance company’s cancellation , and keep your home insurance).
But often, you will need to find another insurance company to insure you — and most insurance companies will decline to insure your home for the same reason your old insurance company canceled your homeowners insurance policy.
My blog post today will tell you about American Modern insurance, which may be able to insure you when your home insurance company cancels your homeowners insurance, other insurance companies which may be able to help you, and what you can do to keep your insurance rates reasonable.
Even when your home insurance is canceled by your insurance company, shopping for the best deal, and speaking to several insurance agents to know your options, is something you need to do.
But clicking the link to the ad below, to have insurance agents contact you, will not work for you, due to your home insurance cancellation, because many agents will not be able to insure you.
However, if you insure your cars with the same insurance company canceling your home insurance, your auto insurance situation has changed.
Your auto insurance rates may increase greatly by losing a large multi policy discount. You need to shop your auto insurance now, to make sure you are not over-paying for your coverage. You can click the link below for auto insurance quotes. Agents will contact you with prices for auto insurance, and you can ask the agents for help or advice regarding your home insurance.
Keeping your current auto insurance company might still be a good option for you, but the cancellation of your home insurance may make you feel like you no longer wish to give your business to the same insurance company.
Homeowners insurance can be canceled for claims in the last 5 years, because the house is unoccupied or being foreclosed, because the home is in disrepair, because the home is undergoing substantial remodeling or reconstruction, or other reasons.
What are your options when your home insurance is being canceled by your insurance company?
If you have an insurance agent, your agent may be able to offer you property insurance coverage through another insurance company, like American Modern Insurance, though the coverage may be limited, and it will be more expensive.
Even “captive” agents representing primarily one insurance company, like State Farm, Allstate, Nationwide, American Family, & Farmers insurance, may sell property insurance through an insurance company like American Modern, if the primary insurance company they represent cannot insure you. However, some agents may have little experience selling this type of insurance, and may only sell it reluctantly.
A good insurance agent will be quick to let you know they still have another option for you, if your home insurance is being canceled.
If you really like your agent, ask your agent if they have another option to insure you when your home insurance is being canceled.
Your agent may have an affordable solution for you, but check with at least two other insurance agents, to see if they offer a better solution, better coverage, or a better price.
The few insurance companies willing to insure your home may differ greatly as to what coverage they will offer you, such as liability coverage, and replacement cost.
I recommend talking to at least 2 local independent agents, familiar with homeowners insurance for people having problems getting home insurance, to advise you about competing insurance company policies & coverage.
Independent insurance agents represent multiple insurance companies, and know your local insurance market. Not all independent insurance agents focus on personal insurance, but they should be able to refer you to an independent insurance agent whom can help you.
When your insurance company cancels your home insurance, they notify you in writing, and the effective date of the cancellation will be a date in the future. It is important you get replacement insurance coverage effective as of the cancel date, so you have no lapse in coverage. This may also help you get a better price, because getting home insurance coverage, once you have had a lapse in your homeowners insurance coverage, may be more expensive, or you may have less options for choosing an insurance company.
You are not going to have a lot of options to replace your home insurance once it has been company canceled, but even if you go without home insurance for a while, you should still have options.
Your last resort, is your state sponsored plan to insure homes which can’t qualify for property insurance. How to apply for this coverage will be detailed in the cancel notice you received from your insurance company. Choose this option if you have no other better choice.
Two of the leading insurance companies insuring homes & properties not qualifying for insurance elsewhere, are Foremost insurance & American Modern Insurance.
Foremost insurance, is a part of Farmers Insurance Group, and is also sold by independent insurance agents. You can find out information about Foremost, including complaint ratings, on my website at my Foremost Insurance Reviews page.
Here are the 2010 national complaint ratios for American Modern Insurance Group subsidiary companies, and my complaint ratings based on the complaint ratios, listed below.
You can find my explanation of the complaint ratios & ratings linked on my website’s home page.
American Modern Insurance has several subsidiary property insurance companies. Make sure you know the correct name of the insurance subsidiary quoting or insuring you, to check the proper complaint grade.
Please be aware American Family Home Insurance is a part of American Modern insurance Group and is NOT associated with American Family Insurance.
American Modern Insurance Group’s 2010 Complaint Ratings & National Complaint Ratios
American Modern Home Insurance Company = F (2.70)
American Family Home Insurance Company = C- (1.09)
American Modern Select Insurance Company = F (2.43)
American Western Home Insurance Company = A (.36)
American Southern Home Insurance Company = B- (.85)
American Modern Surplus lines Insurance Company = A+ (No complaints in 2010)
American Modern Insurance Company of Florida = A+ (No complaints in 2010)
American Modern Lloyd’s Insurance Company = F (5.43)
Many people pay too much for their insurance because they never shop for better rates, or if they do shop, they don’t check the rates of enough companies. For a lot of people, the best auto & home insurance companies are the ones with the coverage they need at a lower price. With auto & home insurance, you don’t get better service or coverage because you pay more. Some of the best companies have competitive rates. Some companies charge twice as much as others for the same coverage. But no single company has low rates for everyone. You have to shop with all the leading companies, to find the company with the best coverage and best price for you. The ad below will take you to links to get online quotes from leading Home, Auto, Health, & Life insurance companies in your area. Choose the type of insurance, put in your zip, and start shopping now!