Is Chubb homeowners insurance expensive?
That depends on your home, claims history, and location. The best way to lower you premium is to use discounts and comparison shop for policies.
Chubb Insurance is a leading contender in the home insurance industry—it’s a top-10 property and casualty insurance company, according to the National Association of Insurance Commissioners (NAIC).
To help you decide if it’s right for you, we’ve compiled this Chubb Insurance review as a comprehensive guide to coverage types and add-on options.
Besides coverage types, cost is a big consideration when shopping for a policy. Insurify can help you compare insurance quotes in minutes to help you get the protection you need at a price you can afford.
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Chubb Home Insurance Coverages
Chubb claims to be the world’s largest publicly traded property and casualty insurance company. The insurer has been in business since 1792—that’s 230 years of providing peace of mind for policyholders.
The company offers complimentary services for all its clients to help them through their insurance needs:
- Chubb property manager service: For policyholders with second or seasonal homes, the company goes above and beyond to look out for your property. They’ll inspect your home as soon as it’s safe after a natural disaster, arrange for needed repairs, and open a claim with your permission to expedite your recovery.
- Identity management services: Although it isn’t available in every state, many policyholders can take advantage of identity theft recovery services. You’ll be assigned a fraud specialist to help you through the process and replace critical documents.
According to its website, Chubb offers property insurance across these dwelling situations and insurance needs:
If you own a home or are in the process of buying one, you’ve probably explored home insurance comparison sites. With Chubb, you get exceptional protection and service that rivals that of other companies.
Their Masterpiece® homeowners coverage consists of:
- Extended replacement cost for your home
- Replacement cost coverage for your belongings
- Risk consulting
- Temporary living arrangements
- Cash settlement if you decide not to rebuild after a total loss
- Tree removal, lock replacement, and more
Your landlord is responsible for insuring the home or building you rent, but their policy doesn’t cover your things. If a fire, bad storm, or another hazard destroys your personal belongings, you could be left with a pile of ash and little else.
But a renters insurance policy can save the day. It can pay to replace or repair your damaged items after a covered loss.
Many insurers default to actual cash value (ACV) for their policies. However, renters coverage from Chubb includes replacement cost coverage.
The difference could be substantial. ACV subtracts depreciation—the impact of time and wear and tear—from the value of your items. Your claim payout with ACV won’t be enough to replace the item fully. But replacement cost covers the entire amount to replace your belongings.
Condo and Co-Op Insurance
Condo insurance isn’t as straightforward as a typical homeowners policy. When you live in a condo or co-op, you have two types of protection: the master insurance policy and your individual coverage.
If a storm breaks a window or a tree falls and damages the building’s fitness center, the master insurance policy covers it. But it doesn’t protect your personal items. And if you made updates—custom cabinets or upgraded appliances—to your condo? It often won’t cover that in the event of a disaster, either.
Chubb’s condo and co-op insurance has your back. A typical policy covers:
- Additions and alterations if you’ve upgraded your home
- Risk consulting to make sure you have the right coverage in place
- Loss assessment to cover your portion of damage to common areas
Even the best home insurance companies don’t include flood protection in a standard policy. You must have separate flood insurance to cover flood damage.
Chubb has a Personal and Excess Flood Insurance option. The company states their coverage is “a better alternative to the National Flood Insurance Program (NFIP).”
Your coverage can include:
- Increased limits up to $15 million for your high-net-worth home
- Replacement cost coverage for your home and possessions
- Proactive coverage to pay for preventative measures
- Added protection for a finished basement
- Higher limits for art, collectibles, and jewelry
- Additional living expenses if your home is uninhabitable after a loss
Natural Disaster Insurance
Besides flood insurance, Chubb provides natural disaster coverage to protect you and your family against a variety of threats:
- Hurricanes: Hurricane protection is available at no extra cost in some locations if your homeowners coverage includes wind damage.
- Wildfire: Chubb partners with Wildfire Defense Systems (WDS) for year-round protection.
- Earthquake: Earthquake coverage isn’t available in every state, but a Chubb representative can help you determine if it’s right for you.
- Hail: Typically included in your homeowners policy, hail coverage can pay to repair or replace hail damage to your house or belongings.
Valuable Articles Insurance
Homeowners insurance can protect your possessions. But your valuable items may exceed your policy’s coverage limits. In that case, Chubb’s valuables insurance can help.
This policy can increase your protection for:
- Fine arts
- Wine and spirits
Plus, if you have a policy in place and purchase additional items, your policy automatically covers you for up to 90 days. That way, you’re covered even if you can’t notify the company of your newly acquired items right away.
Components of a Chubb Home Insurance Policy
With standard options like replacement cost coverage and risk consulting, there’s no question that Chubb goes over and above what a typical policy offers. But what does a standard homeowners policy cover?
- Dwelling coverage: The structure of your home or condo, such as siding, roofing, walls, flooring, windows, and cabinets, as well as attached structures, like an attached garage
- Other structures: Structures not attached to your home, such as a detached garage, shed, pole barn, or fence
- Personal property: Your personal belongings, like furniture, clothing, electronics, lawn equipment, and power tools
- Loss of use: Also called additional living expenses (ALE), pays for accommodations and meal expenses if you can’t live in your home while repairs are being made
- Personal liability coverage: Protects against lawsuits if someone sues you after being injured in your home or on your property
- Medical payments: Covers small medical claims when a guest is hurt
Chubb homeowners insurance includes extended replacement cost for your dwelling and replacement cost coverage for your belongings. That’s an essential factor because it determines how the insurance company values your home and its contents after a loss.
Here’s what that means: extended replacement cost will pay to have your home repaired or rebuilt to its original condition prior to the loss, even if the price is more than your policy limit.
For your personal items, replacement cost coverage pays based on current market prices—or you can choose to keep the cash if you don’t want to replace them.
If you have a claim, you’ll be responsible for paying a policy deductible. The deductible is typically subtracted from the claim check you receive from the company.
Optional Coverages for Your Chubb Home Insurance Policy
Chubb has an excellent homeowners insurance package. However, even the best insurance coverage can’t include every circumstance. Chubb lets you increase your protection with these optional coverages:
- GreenWiseSM upgrade: Optional coverage that rebuilds your home using environmentally friendly building materials and efficient heating and cooling technology
- Valuable articles: Increases your coverage limit to cover your most valuable possessions, such as jewelry, fine art, wine and spirits, and antiques
- Excess liability: Also known as an umbrella policy, increases your liability insurance to cover unexpected accidents and events
- Association assessments protection: Additional coverage to pay for loss assessments if you live in a community with a homeowners or condo association
- Equipment breakdown: Covers appliances and home systems if there’s a sudden and accidental breakdown
- Landscape protection: Pays to restore your landscaping after a covered loss
- Overland water coverage: Protects against the overflow of natural or artificial inland waters and runoff of surface waters
- Earthquake: Coverage for earthquake damage to your home and belongings
- Cyber protection: Reimbursement of expenses to replace lost or stolen digital property
- In-home business insurance coverage: Protects your business property if you own or operate a small business or side business in your home
This isn’t a complete list of additional coverage options available at Chubb. To discover the best insurance protection for you, talk with a Chubb representative about your situation and concerns.
When you take steps to protect your home better, Chubb rewards you with insurance discounts. The insurance provider has several money-saving opportunities available.
- Portfolio discount: A multi-policy discount when combining home with car insurance or home with valuable articles insurance
- Safety discounts: For installing burglar alarms, fire alarms, sprinkler systems, or storm shutters, also applies if you live in a gated community or an area with a gated community patrol service
- New or renovated house discount: Lower premiums if your home is new or recently renovated
- Building materials discount: If your home uses masonry construction or is built from fire-resistive materials
- Loss-free discount: Insurance savings for being claims-free
Besides these typical discounts, Chubb offers Superior Protection Credits in specific situations:
- Security protection: If you have closed-circuit TV cameras, a detection system, or a 24-hour on-site security guard
- Property caretaker: For having a full-time caretaker who lives at the home year-round
- Temperature monitoring: To protect against freezing and activate a central alarm if temperatures fall too low
- Backup generator: When you have a permanently installed backup generator
- Water detection: To monitor and detect water leaks in your home
Chubb offers many discounts and credits, and this list doesn’t include all opportunities to save on your insurance policy.
Keep in mind that discounts aren’t available with every policy type. So check with your agent when getting an insurance rate quote for homeowners insurance to make sure you’re taking advantage of the right opportunities.
Chubb Home Insurance Reviews: Customer Satisfaction?
U.S. News ranks Chubb number 4 on their list of best homeowners insurance companies. However, the company earned just 2 out of 5 stars from reviewers on Consumer Affairs and 1.5 out of 5 stars on Yelp.
Despite mixed customer reviews online, J.D. Power gave them the highest customer satisfaction rating in their 2020 study, and A.M. Best rates them high for financial strength.
- J.D. Power Customer Satisfaction Rating: 853/1,000
- A.M. Best Rating: A+ (Superior)
- Moody’s Financial Strength Rating:
- Better Business Bureau (BBB) Rating: A+
Chubb Homeowners Insurance FAQ
How expensive is Chubb Insurance?
Chubb policies come with many perks. The extra coverages that other insurers charge more for are included as standard in Chubb homeowners policies. However, all of those “extras” come at a cost. The price varies from location to location, but Chubb customers pay nearly three times the average.
Does Chubb offer auto insurance?
Yes. The insurance provider offers many types of insurance, including Chubb auto insurance. Auto policies include rental car coverage, and your insurance agent will help you locate a repair shop to help restore your vehicle quickly.
Can I manage my policy from my phone?
Yes, Chubb has a mobile app. You can pay premiums, report a claim, view and sign policy documents, and more. The app is available for iOS and Android devices. For in-person service, the company has executive offices in New York City, Zurich, London, and other locations. You can also contact your local independent agent to manage your policy.
The Best Way to Save on Home Insurance
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Chubb Insurance Overview
Shopping for homeowners insurance isn’t rocket science—but it can feel like it sometimes. The coverage you buy now determines how well you and your family are protected if a fire, hurricane, or other hazard damages your home.
Is Chubb homeowners insurance a good choice? Chubb ranks high in financial strength and customer service and offers many insurance products, including home, auto, travel, liability, natural disaster, health insurance, and life insurance.
If you’re looking for best-in-class homeowners insurance, Chubb might be the right choice for you—their coverages include many advantages and perks you won’t find with other insurers.
Chubb Home Insurance Contact Information
Customer service phone number: 1 (866) 324-8222, Opt. 2
Claims service phone number: 1 (800) 252-4670
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