Chubb Homeowners Insurance Review 2023

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Chubb homeowners insurance is one of the world's largest insurers, underwriting policies across many countries. However, it specializes in difficult-to-insure homes like beachfront properties. So despite its size, many American homeowners may not be familiar with its name.

Chubb Homeowners Insurance

Chubb Insurance is one of the largest global property and casualty insurance companies, operating in 54 countries and territories. While Chubb's bread and butter is commercial lines insurance, the insurer specializes in difficult-to-insure personal properties.

Chubb receives praise for its excellent customer service and premium homeowners insurance plan, Masterpiece®. Policyholders can also access complimentary services, from risk consulting to fraud prevention. However, homeowners insurance shoppers may find Chubb's policies quite pricey, which may not be worth the cost for the average homeowner.

Chubb Homeowners Insurance Cost

Average Chubb Homeowners Insurance - Product Name Only rates are reported as $1,800 annually, according to Insurify. This is higher than the US industry average of $1,428, but homeowners should account for the types of homes Chubb insures. The types of difficult-to-insure properties Chubb insures are likely to have lower dwelling coverage with higher premiums associated with increased risks. Certain fire zones and beachfront properties are good examples. So any competing insurer will also charge more than the average insurance premium for the coverage.

This said, Chubb offers a host of distinct coverages and complimentary services with its all-inclusive plan, which may come in handy for your unique circumstances. In addition, if cost is still an issue, Chubb has various discounts to lower costs. We recommend speaking to a Chubb insurance agent to obtain an accurate estimate.

How to File a Claim With Chubb Homeowners Insurance

You can file a claim with Chubb using the following methods:

• Phone: 1-800-252-4670
• By logging into your online portal on your web browser or through the mobile app
• Or by contacting your local agent

We recommend claimants submit a police report (if applicable), a list of the damaged or stolen items, photographs or videos, and receipts. Chubb may also request a repair estimate from a contractor. As a policyholder, you can tap the company's service network to contact a qualified expert to inspect the damage. Chubb promises responses within an hour for urgent situations and four hours for non-urgent losses. Most claims are paid within 48 hours of submission.

Chubb Homeowners Insurance Plans

Chubb Homeowners Insurance - Product Name Only offers the following coverages for its standard HO-3 policy.

• Dwelling and other structures coverage: This insurance covers replacement and repairs of your home's foundation, structure, and detached structures, like a fence or a shed, if damaged by a covered hazard. The dwelling portion is based on a replacement cost estimate, while other structures coverage is approximately 10% of your dwelling coverage.
• Personal property coverage: This coverage will reimburse you for the cost of damaged or lost belongings up to your policy's limit. While the average homeowner may buy $300,000 in personal property coverage for a single-family residence, many Chubb homeowners buy higher limits. You should discuss special coverage with your insurance agent if you have high-value items like professional computer systems, jewelry, collections, etc.
• Loss of use coverage: Chubb will reimburse you for meals, transportation, and alternative living arrangements if your home becomes uninhabitable.
• Personal liability coverage: If a guest sues you for an injury that occurs on your property, this coverage pays for your legal fees and their medical expenses. Business owners routinely buy $1 million liability policies. Depending on the size of your business, Chubb can help you customize plans to meet your needs.

Additional Coverage Options (Riders)

Not all needs are met by a base policy. Riders can add or customize coverage whether they have expensive jewelry, want protection against water damage (outside of flood damage), or something else. A few standard riders include:

• Personal umbrella insurance: Chubb offers up to $100 million in liability coverage for lawsuits of accidents. This excess liability insurance could come in handy when your standard liability coverage isn't enough. It is a separate policy, but insurers often combine policies to make billing easier.
• Water backup coverage: If your water systems are clogged or fail to work, this coverage will cover water or mold damages. Flood insurance is only required if you live in high-risk flood zones. However, water backup coverage can benefit any homeowner, including condo owners.
• Building code insurance: If you're rebuilding your home due to a covered loss, Chubb will cover the expense of bringing the damaged areas up to code. Unfortunately, these shortages may not be immediately apparent after the covered event. Chubb offers flexibility to ensure repairs are done right.
• Cyberbullying insurance: If your child is the victim or perpetrator of cyberbullying, this coverage will pay for mental health services, cyberbullying mitigation, and repercussions like fraud, extortion, and data breaches.
• Replacement cost coverage: Actual value coverage pays to replace your home after accounting for minor damages and depreciation. Replacement cost coverage is an upgrade that pays to replace items based on the current cost. For many, this could account for unexpected increases in construction costs. Extended replacement coverage increases your replacement cost coverage to account for increased expenses associated with natural events and inflation.
• Cash settlement coverage: If you decide not to rebuild your home, Chubb pays you up to your policy limit to use the settlement as you see fit.
• Electronics data loss coverage: This coverage pays for restoring or replacing lost data due to an insured loss, like natural disasters or a computer virus.
• Tree removal coverage: Chubb will pay for the tree removal cost if a tree falls on your property due to a covered event.
• Lock replacement coverage: Chubb will pay for lock replacements if your keys are lost or stolen.
• Valuables article coverage: Chubb offers additional personal property coverage if you have highly valued items requiring more coverage.

Chubb Insurance also offers the following services free of charge if you choose its Masterpiece® upgrade.

• Home assessment service: Chubb will connect you with a risk consultant to help offset your homeowner risk level. Common examples include expert security and fire prevention advice.
• Wildfire defense service: This program mitigates fire damage by alerting homeowners of fires in their area and connecting them with certified wildfire firefighters.
• HomeScan: Chubb's proprietary Homescan program reveals leaks, missing insulation, and faulty electrical connections to help prevent significant damage.
• Chubb property manager service: If you have an investment home, you may only sometimes be around to check on it and perform regular maintenance. Chubb will send a property manager to inspect your home and perform mitigation maintenance or arrange urgent repairs if a hurricane or windstorm has or will impact your home. This is key to avoiding neglect-based denials or denials associated with temporary vacancies.
• Identity management service: Chubb connects policyholders to fraud specialists if they believe they're a victim of identity theft.

FAQs

What type of insurance is Chubb?

Chubb is a property and casualty insurance company. However, it also sells life, health, and travel insurance. Most Chubb policies are comprehensive business policies, but it also sells niche personal insurance for difficult-to-insure properties.

Who is Chubb owned by?

ACE Limited (a holding company that sells property and casualty insurance products and services) acquired Chubb in 2016.

Is Chubb a reputable company?

Yes, Chubb is a reputable company. It's one of the largest homeowners insurance companies in the US based on market share. However, it does not sell many personal property insurance products to everyday homeowners.

Does Chubb Insurance pay claims?

Yes, Chubb insurance pays eligible claims quickly in most cases. It's also in good standing with AM Best, receiving an A++ (Superior). This means that Chubb is financially stable and can meet its obligations in the future.

Compare Chubb Homeowners Insurance

See how Chubb compares to three other options for home insurance coverage: Erie, Allstate, and Travelers.

Chubb vs. Erie Homeowners Insurance

Erie Homeowners Insurance - Product Name Only is significantly more expensive considering the coverage you take and the acceptable risk profile when compared to the fact that Chubb's insurance costs are balanced against its niche market and higher risk profile. In addition, it's available to a broader demographic, covering many private homeowners. However, Erie is only available in 12 states, while Chubb sells its policies worldwide.

Erie offers guaranteed replacement cost coverage in its HO-3 policy, while Chubb doesn't. Still, Chubb sells an assortment of unique coverages you may not find with Erie. But, again, Erie and Chubb don't often overlap. So customers who get quotes with one are unlikely to get quotes from the other.

Erie Homeowners Insurance Review

Chubb vs. Allstate Homeowners Insurance

Allstate Homeowners Insurance - Product Name Only is the cheaper option and ranks slightly better than Chubb in customer satisfaction. However, Allstate has a higher volume of complaints than its competitor. One signature benefit of Allstate is its availability. Allstate will insure many average homeowners with properties with up to four legal units. It also offers auto insurance and other products that can be bundled for discounts and ease of use.

With Chubb's Masterpiece® policy, on the other hand, you can access rare services not available with Allstate, like property management services. So landlords with multiple properties or individual properties with multiple legal units may find more value in its coverage. If you're on the edge, deciding between the two, we recommend getting quotes from licensed insurance agents.

Allstate Homeowners Insurance Review

Chubb vs. Travelers Homeowners Insurance

Travelers Homeowners Insurance - Product Name Only offer significantly better rates than Chubb. However, Chubb tends to provide better customer service and has a lower volume of complaints. It's important to differentiate between the two companies because Chubb offers business and niche products, while Travelers caters to the average homeowner. For many consumers, this means top-of-the-line coverage options with Chubb.

Both companies offer replacement cost value options, water backup, and other popular riders. However, Chubb is the only one of the two with special perks for its deluxe policyholders and offers unique coverages like cyberbullying insurance. Many policyholders will find better solutions with Travelers  if you are trying to insure your home. However, if you're a property owner renting out properties, you may want to quote with both providers.

Travelers Homeowners Insurance Review

Why You Should Trust Us: How We Reviewed Chubb Homeowners Insurance

We used research from third-party rating agencies such as AM's Best to establish a company's financial strength and JD Power for customer satisfaction from policy purchasing to claims processing. We also sourced data from the National Association of Insurance Commissioners to determine the volume of complaints an insurance company received.

We also evaluate customer service based on accessibility and quality of digital experience. For instance, we look for 24/7 customer service, access to local agents, and ease of filing a claim and applying for a policy via a mobile app or website browser. Read more about how we rate homeowners insurance.