Chubb Insurance Review: Excellent Customer Service, But At A Price

Chubb homeowners insurance

Chubb homeowners insurance coverage

Chubb offers standard homeowners insurance, as well as condo and co-op, renters and flood insurance policies. Many of the base protections included in its standard policies as well as add-on coverage options are rare, even among large national insurers, and these protections are especially valuable to high-net-worth individuals or those seeking protections from unique risks like cyberattacks.

Chubb Masterpiece homeowners insurance policies include several rare coverages, such as extended replacement cost, cash settlement and risk consulting services, as well as several unique add-on coverage options such as family protection and cyber insurance. And as with auto insurance, Chubb offers high liability limits — up to $100 million in personal liability.

These options may be attractive to homeowners that want the flexibility of cash payment, appraisal services or coverage options that protect against unique risks like home invasion and cyberattacks.

Chubb Masterpiece's rare base coverages include:

Extended replacement cost

Pays policyholders for home repairs, rebuilding costs and building code upgrades.

Cash settlement

Allows policyholders to receive a cash payout in the event of a covered total loss, should they decide not to rebuild their home or to rebuild in a different location.

Risk consulting

Offers complimentary home appraisals as well as security and fire prevention advice.

Temporary living arrangements

Coverage helps policyholders find alternative living arrangements during a covered loss. While most insurers offer this, Chubb goes the extra mile by identifying any alternative homes in the school district where you could live.

Replacement cost coverage

Ensures that all the appliances and fixtures are replaced with the same or the latest model and does not deduct for depreciation. Alternatively, policyholders can choose a cash settlement.

HomeScan

Analyzes your home to identify any potential problems in your home, such as missing insulation, electrical issues and water leaks.

Wildfire Defensive Services

Helps policyholders in certain states take proactive steps to defend their home from wildfires, as well as providing support after a fire and during the claims process.

Tree removal

Helps policyholders get rid of trees fallen after a storm.

Electronic data restoration

Helps policyholders retrieve data lost after a computer virus.

Lock replacement

Helps policyholders replace keys if they are lost or stolen.

Water backup

Covers damage resulting from interior sewers and drains.

Below we list several coverages that can be bought in addition to Chubb's Masterpiece homeowners insurance policy, though availability may vary by state.

Equipment breakdown

Pays for the full replacement or repair of your home's appliances and equipment in the event of sudden and unexpected damage. It's available in both Essential and Enhanced coverages.

Family protection

Helps policyholders pay for expenses following traumatic events like home invasion, carjacking or cyberbullying.

Cyber insurance

Cyber insurance covers cyber extortion, cyber financial loss and cyber personal protection for high-value home insurance policies.

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In addition to these coverages, Chubb offers the standard homeowners insurance coverages you'd expect to see from any major insurer: liability, personal belongings, medical payments and additional living expenses.

Chubb homeowners insurance quote comparison

Homeowners insurance premiums at Chubb are generally more expensive than rates offered by other large national insurance companies. However, Chubb offers many homeowners discounts that could garner valuable savings for eligible policyholders.

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Insurer

Annual premium

Chubb$1,835Allstate$1,460Average$1,399State Farm$1,276Travelers$1,022

The rates above reflect costs for a New York home built in 1961 and worth $314,500. Homeowners insurance rates vary drastically by state and property, so you should always compare quotes from several insurers to find the cheapest rate.

You'll have access to standout features such as cash settlement and risk consulting, but that access comes at a far higher price point. In fact, we found that insurance from Chubb costs 31% more than the average of the four insurers in our study.

Chubb homeowners insurance discounts

Customers can mitigate the high base prices of Chubb's policies with its extensive discount list. Discounts vary from state to state and can depend on whether you live in an urban, suburban or rural community. To give an idea of the company's offerings, however, we've listed the discounts available in New York state below:

Multipolicy

Purchase both home and auto coverage from Chubb.

Valuable articles multipolicy

Purchase $25,000 or more in valuable articles coverage from Chubb.

Burglar alarm

Install a central station burglar alarm.

Fire alarm

Install a central station fire alarm.

Fire resistance

When constructing your home's exterior walls, floors and roof, use fire-resistant materials with a rating of two hours or more.

Storm shutter

Have eligible storm shutters covering all exterior glass or other windstorm protections on all exterior glass and skylights.

Suburban rating

Have a central station or direct fire alarm in your home and live in an area where the first responding fire department meets specific requirements.

Gated community

Live in a gated community that requires identification to enter, announces visitors and protects the gate either with a guard or a lock.

Gated community patrol service

Live in a gated community with a 24-hour patrol service linked to your home's alarm systems and have a fire and burglar alarm that alerts the 24-hour patrol service to dispatch a guard to your residence.

Residential sprinkler system

Have an eligible and properly maintained sprinkler system in your living areas, basement and heating system area.

Masonry construction

Own a home constructed through masonry methods.

New house

Own a house built in the last seven years.

Renovated house

Own a house that you renovated in the last 10 years.

Chubb also offers a Superior Protection Discount for policyholders who have any combination of the following to protect their home:

  • Closed-circuit TV cameras
  • Motion-activated detection system
  • 24-hour alarm protection
  • Permanently installed backup generator
  • Temperature monitoring system
  • Explosive gas leak detector
  • Lighting protection system
  • 24/7 security guard
  • Full-time caretaker
  • Sprinkler system water-flow alarm
  • Automatic seismic shutoff valve
  • Water leak detection system
  • Perimeter gate

Chubb condo and co-op owners insurance coverage

Chubb's condo and co-op insurance stands out because it includes generous loss assessment coverage. Loss assessment coverage provides protection for damage to common area property, such as the pool or lobby, to help contribute to the condo or co-op owner's share of loss assessment. This is usually an add-on coverage at other insurers. Chubb's base coverage is $50,000, and higher limits are available in some states.

Chubb renters insurance coverage

Chubb renters insurance policies are similar to those found at other insurers, including personal property, liability and additional living expenses coverage.

However, unlike most other insurers, Chubb offers rental car coverage with its renters insurance. If your liability limit is $1 million or more, your rental car coverage is covered worldwide, ensuring that you're covered no matter where you travel.

Chubb flood insurance coverage

Chubb flood insurance policies are more robust than those of other private flood insurance providers and the government-sponsored National Flood Insurance Program (NFIP).

Specifically, Chubb flood insurance has coverage limits higher than those of most private insurers and far in excess of those of the NFIP, making it ideal for owners of homes with high property value at risk of flood damage.

Chubb flood insurance coverages include:

  • Up to $15 million in property coverage.
  • The full replacement cost to repair or rebuild your home and possessions without deductions for depreciation, up to your policy limits. Full replacement cost for property and possessions is a value-add for Chubb, as NFIP policies only offer actual cash value for personal property.
  • Up to $5,000 in multiple high-value categories, such as art, collectibles, jewelry and silverware, up to $5,000 each.
  • Up to $7,500 in temporary living expenses, with higher limits available for purchase. While some other private flood insurance policies may cover this, NFIP policies do not.
  • Up to $5,000 in protective measures coverage for expenses, such as sandbags and flood barriers, that help you proactively protect your home and property from damage when an official government flood warning is issued. This type of coverage is rare among flood insurers.
  • Additional protection for finished basements.