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Chubb Home Insurance Review
Chubb entered the insurance market in 1882 and today operates in more than 50 countries. This provider sells insurance through independent agents, employing over 30,000 people, and operates executive offices in the world’s financial centers, including, London, New York, Paris and Zurich.
America’s top-rated home insurance
- Policies starting at just $25/month
- Sign up in seconds, claims paid in minutes
- Zero hassle, zero paperwork
Chubb home insurance features great coverage and benefits, but is it right for you? Read on to find out.
Chubb home insurance overview
|Price||Varies based on location, personal factors and property|
|Best for||High net worth households|
|Not for||Budget shoppers|
|States served||50 states, Puerto Rico and Washington, D.C.|
|Discounts (vary by state)||Bundled auto insurance, Fire-resistant construction, Gated community, Home renovation, Multi policy, Safety device and security system, Storm shutters|
|AM Best Rating||A++ (Superior)|
|Standout features||Cash settlement option, Replacement cost coverage, Personal liability coverage up to $100 million, Water back-up coverage|
Chubb suggests that its claims process doesn’t just process claims, but rather “makes things right.”
Is it true?
While many home insurance companies only offer dwelling and personal property replacement cost coverage as an option, Chubb provides the protection of extended replacement cost coverage in its standard homeowners policies. Following a covered catastrophe, that means you can restore your home to its original state – even if the cost exceeds your policy limit. It also means you don’t have to worry about depreciated values when replacing personal belongings. Chubb also offers a variety of “extra” benefits that you won’t find with other home insurance companies. These include tree removal after a storm, restoring your computer data if you’re attacked by an electronic virus and replacing your locks if your keys end up lost or stolen. Additionally, Chubb will offer you a cash settlement (up to your policy limit) if you decide not to repair or rebuild your home.
That sounds like Chubb “makes things right” to us. On its website, Chubb also provides a wealth of resources that can help you prevent losses from occurring.
Chubb home insurance coverage options
If you’re unsure how much home insurance coverage you need, Chubb offers no cost appraisals, conducted by professional risk consultants. During the appraisal process, the consultant can also assess your fire and security risks and offer advice on how to better protect your home. Chubb’s standard homeowners policies include:
- Dwelling coverage: Chubb’s standard policies include extended replacement cost coverage, which pays to rebuild your home to its original condition regardless of your policy’s limit. And, following a covered loss, Chubb’s dwelling coverage will even pay to restore your home to current building codes. Better yet, for a totaled home, Chubb also gives you the option to receive a cash settlement if you don’t want to rebuild.
- Loss of use coverage: Following a covered loss, your Chubb homeowners policy will help pay for a temporary residence while a contractor repairs or rebuilds your home. Chubb will even help you find a comparable dwelling to help assuage the inconvenience of displacement.
- Personal liability coverage: When a guest sustains an injury on your property, you could face costly legal expenses. But with a Chubb home insurance policy, you can choose personal liability limits up to $100 million. Your liability coverage can also come to the rescue if your dog bites the mail carrier or a tree on your property falls and damages a neighbor’s house.
- Personal property coverage: Chubb’s standard personal property coverage includes replacement cost coverage, a feature many providers only offer as an add-on. If a covered calamity such as a storm destroys your TV and computer, you can replace them at today’s prices, regardless of the items’ depreciated values. As with dwelling coverage, Chubb allows you to take a cash settlement for destroyed property if you don’t want to replace it.
- Water backup coverage: Many standard home insurance policies don’t cover damages caused by backed up drains and sewers, but Chubb’s do.
- Extra coverages: Chubb’s standard home policies also include a variety of extra protections, which can pay to remove a fallen tree, replace a lock if you lose your key or restore data from a virus infected computer.
Chubb also offers optional coverages and services for homeowners who live in high-risk areas, including:
- Earthquake insurance: Typically, insurers don’t cover damages caused by earthquakes and some carriers don’t even offer earthquake insurance. If you live in an area prone to earthquakes you will likely want earthquake insurance and Chubb is there to help. However, it’s worth noting that Chubb’s optional earthquake coverage is not available in all areas.
- Wildfire defense: Through a partnership with Wildfire Defense Systems, Chubb helps homeowners in fire prone areas protect their homes. The service includes an onsite hazard assessment of your home and deployment of certified fire professionals to your property when a wildfire approaches. Chubb provides the service to all home insurance policyholders at no additional cost, but you must enroll to receive it.
Chubb home insurance discounts
Chubb’s homeowners discounts vary by state, but may include:
- Multi policy discounts: Save 10% when you bundle auto and home insurance.
- Home renovation discounts: Save up to 10% on home insurance if you’ve renovated your home in the last 10 years. Or, when you renovate a home that’s seven years old or less, you can earn up to a 21% discount.
- Home security discounts: You can save 5% on a Chubb homeowners policy when you install a central station burglar alarm system, central station fire alarm system or if you live in a gated community. And, you can save 10% when you install a sprinkler system or storm shutters and 15% if your home is constructed with fire-resistant materials.
- Combined home security discounts: Receive up to a 15% discount when you combine home security devices such as closed circuit TV cameras, a gas leak detector, a perimeter gate, a sprinkler system or a water leak detection system.
- Valuable items discounts: Earn a 5% discount when you purchase $25,000 or more in valuable property coverage.
Chubb home insurance rates
Organizations such as the Insurance Information Institute publish average annual homeowners rates, but such estimates don’t provide an accurate assessment of what you’ll pay because many factors determine home insurance premiums. To get the best home insurance rate, shop around and get quotes from several providers. Closely compare prices, coverage limits and deductibles. Factors that may impact the rate you’ll pay include:
- Claims: If you or a previous owner have filed multiple claims on your home, your insurer may charge a higher premium.
- Coverage amount: Choosing higher levels of coverage will increase your premium. For example, $1 million in personal liability coverage will cost more than $300,000 in coverage. Likewise, choosing a high level of personal property coverage will impact your rate.
- Credit score: Insurance codes in most states allow insurance providers to use your credit score as a rating factor. You can save money on insurance by maintaining a good credit rating.
- Deductibles: Low deductibles are a tempting proposition, because you won’t have to spend much of your own money when disaster strikes. However, higher deductibles reduce your insurance rate.
- Features: Features such as swimming pools make your home more enjoyable, but they also increase your insurance premium.
- Fire response: Typically, homes located within close proximity of a fire hydrant and fire station receive the best home insurance rates.
- Home construction: The materials used to build your home can play a role in your insurance premium. Usually, insurers offer better rates for brick homes, compared to wood-framed, clapboard homes. Elements such as impact-resistant roofing materials can also lower your premium.
- Location: Homes located in neighborhoods with high burglary or vandalism rates usually cost more to insure.
Other ways to save money on Chubb home insurance
For the cheapest homeowners premium, take advantage of every Chubb discount for which you qualify. Other ways to reduce your rate include:
- Improve safety and security: Chubb already offers great discounts for installing safety and security features such as storm shutters and security systems. But, these types of home improvements can also prevent losses. For instance, if your security system thwarts a burglary, you won’t have to file a stolen property claim, which could lead to a rate increase.
- Maintain a good credit rating: If you pay high insurance rates due to a poor credit score, work on improving your overall credit history.
- Review limits: Check your policy limits to make sure you’re not over-insured. For example, if you own $25,000 in personal property, but insure it for $35,000, you can decrease your limit to reduce your premium.
- Review rebuild costs: Your dwelling coverage should reflect the amount of money you’ll need to rebuild your home. For instance, your home may have a market value of $500,000 but would only cost $350,000 to rebuild. Lowering your dwelling coverage to its actual rebuild cost can reduce your rate.
- Raise your deductible: A low deductible means lower out-of-pocket costs when you need to file a claim, but it also increases your premium. Raise your deductibles to the highest amount you can afford to pay. For example, if your personal property coverage has a $500 deductible, consider raising it to $1,000.
America’s top-rated home insurance
- Policies starting at just $25/month
- Sign up in seconds, claims paid in minutes
- Zero hassle, zero paperwork
- AAA: Millions of car owners rely on AAA when they break down on the road, but the auto club also sells homeowners insurance. In fact, AAA homeowners coverage ranked third in J.D. Power’s 2019 U.S. Home Insurance Study. AAA homeowners policyholders can enjoy all kinds of lifestyle discounts when they also purchase an auto club membership. Participating merchants include AMC Theatres, Dell, Google Nest, Hard Rock Cafe, Harry and David, Samsonite, The UPS Store and TurboTax.
- Allstate: When it comes to discounts, Allstate beats Chubb, hands down. If you haven’t recently filed a homeowners insurance claim and wish to switch to Allstate, you could earn up to a 20% discount. Allstate also extends a 10% discount each year for renewing your policy, plus additional savings for retirees and anyone 55 years of age and older.
- Amica Mutual ranked #1 in J.D. Power’s 2019 U.S. Home Insurance Study. While Amica only provides dwelling and personal property replacement cost coverage as add-ons, it offers several optional coverages that Chubb doesn’t, including home business and identity fraud expense coverages, as well as flood insurance.
- USAA provides dwelling and personal property replacement cost coverage in all its standard homeowners policies. But USAA goes a step further by including earthquake and home sharing coverage at no additional cost. However, USAA only sells insurance to military members and their families.
- State Farm: Although Chubb offers a mobile app that enables you to pay your bill and report a claim, its users don’t give it high ratings – just 3.3 out of five stars from Apple users and 1.9 out of five stars from Android users. In comparison, State Farm’s mobile app receives 4.8 out of five stars on the Apple store and 4.1 out of five stars on the Google Play store. It enables Android and Apple device users to file a claim, request roadside assistance and contact an agent. And, if you open a State Farm checking account, you can use the app to deposit checks, pay bills and transfer funds.
What others are saying
The Better Business Bureau gives Chubb an A+ rating. In the past three years, about 116 Chubb customers have filed complaints with the BBB, most related to product or service issues, which are common grievances lodged against insurance providers.
In J.D. Power’s 2019 Home Insurance Study, Chubb ranked #20 in the nation, with three out of five stars in the claims handling category and two out of five stars for overall customer satisfaction. Power’s annual survey rates and ranks companies based on several factors, including billing process, claims handling, policy offerings and price. Fortune ranks Chubb #382 on its Global 500 list. In recent years, Chubb has earned a spot on several of Forbes prestigious lists, including America’s Best Employers by State, Best Employers for New Grads, Best Employers for Women, Global 2000 and Growth Champions.
In April 2020, Chubb received praise for issuing partial credits to its auto insurance policyholders during the COVID-19 crisis. While other insurers offered 10% to 15% credits, Chubb extended its policyholders a 35% credit. Chubb customers can receive the credit for April and May 2020 when they renew their auto policies. The carrier expects its policyholders to receive an average credit of around $110. The provider also offered premium reductions to small business and commercial auto insurance customers and pledged $10 million in grant funds for pandemic relief, while donating a combined $4.2 million to the Global FoodBanking Network, International Medical Corps and Project Hope.