Chubb Homeowners Insurance Review 2022
Chubb targets affluent homeowners with a comprehensive suite of coverage and several useful perks.
Although consumers may pay slightly more than average, Chubb home insurance policies come standard with high-end features that many other companies charge extra for. Chubb’s very low number of complaints relative to its size and wide array of coverage make it one of the top homeowners insurance policies available.
Best for: Affluent homeowners who want high coverage limits and lots of perks.
Chubb home insurance pros and cons
How Chubb home insurance rates
Chubb Homeowner Insurance earned 5 out of 5 stars for overall performance. Vanquangblog’s rating is determined by me. The home insurance scoring formula takes into account policy coverage options and discounts, ease of filing claims, website transparency, company financial strength, claims data from National Association of Insurance Commissions and more.
Based on these considerations, Chubb is among vanquangblog’s Best Homeowners Insurance Companies for 2022.
Chubb homeowners insurance is available in all 50 states and Washington, D.C.
Chubb home insurance coverage
You can customize your homeowners policy with numerous add-ons, but below are the types of coverage that generally come standard:
Chubb’s Masterpiece home insurance goes beyond the coverage typically offered by other homeowners insurance carriers. Some of Chubb’s standard features, which are often treated as add-ons by other insurers, include:
- Extended replacement cost. If you need to repair or rebuild your home but the cost is more than your policy limit, Chubb will pay the difference. Chubb also covers any upgrades needed during rebuilding to bring your home up to current codes.
- Replacement value for contents. Chubb will pay what it costs to buy new belongings if yours are stolen or damaged. Most standard policies will only give you the actual cash value of the items, which accounts for depreciation.
- Water backup. If a sump pump fails or the sewer backs up and your home suffers water damage, Chubb covers the costs. With most companies, this is usually optional and carries a separate fee.
The Masterpiece policy also includes:
- A complimentary visit from a risk consultant to assess your home for potential issues.
- Chubb’s HomeScan system, which uses infrared technology to analyze your home for leaks, insulation problems and electrical malfunctions before they can cause damage.
- Chubb Wildfire Defense Services to protect your home if it’s threatened by wildfire (not available in all states).
- Identity management services to prevent or recover from identity theft (available in some states).
You may be able to add extra coverage to your Masterpiece policy, including equipment breakdown coverage, which pays out if major appliances fail.
Chubb home insurance rates
Generally, Chubb Masterpiece is more per year than the national average homeowners insurance cost, on average. However, the Masterpiece policy offers coverage that other, less expensive policies may not.
» MORE: Nab landlord Insurance Review
Many of Chubb’s homeowners discounts focus on safety. In addition to discounts for having burglar or fire alarms, Chubb offers lower premiums if your home contains a sprinkler system or is otherwise fire resistant.
In addition, you can save if your home is new or was recently renovated, and living in a gated community will also get you a price break. Other discounts may be available as well, depending on where you live.
Chubb had significantly fewer than the expected number of home insurance complaints to state regulators relative to its size, according to three years’ worth of data from the National Association of Insurance Commissioners. (NAIC home insurance complaints also cover other home policy types, including mobile home, renters and condo insurance.)
Website: Chubb’s website can be challenging to use. Most will not be able to get a quote online. However, the site does provide ample information about policy features and connects you to a large library of educational content.
App: The Chubb app is available on iOS and Android. Users can pay premiums, submit claims and view home assessment reports, among other basic functions.
Homeowners insurance buying guide
You can get home insurance quotes online, over the phone or through an agent. But before you start, take the following steps:
- Determine how much coverage you need. Is a standard policy sufficient, or do you want to add extra insurance for situations like identity theft or sewer backups? Check whether each company you’re considering has the options you need.
- Take inventory. To ensure you have sufficient personal property coverage, take stock of your belongings. Include all furniture, electronic devices, clothing, jewelry and household items. How much would it cost you to replace them? This total is the minimum amount of personal property insurance you should have.
- Make a fair comparison. When evaluating rates, make sure each insurer is offering the same limits and deductibles.
- Check consumer complaints. Although it may seem tempting simply to choose the cheapest option, look at how many consumer complaints each insurer has before choosing a policy. Poor customer service could have a significant impact on your experience if you ever need to file a claim.
How to file a homeowners insurance claim
File as soon as it’s safe. The sooner you report a theft or damage to your home, the sooner your insurer can assign an adjuster and start working on paying out your claim. Some companies let you file claims online or through their app, while in other cases you may have to call your agent or insurer instead. Have your policy number handy.
Document the damage. Bolster your claim by taking photos or video of all damage. If something was stolen, report it to the police before you contact your insurance company. Your insurer may ask for a copy of their report.
Prevent further damage. After you’ve taken pictures of everything broken or destroyed, take steps to prevent additional damage. For example, you can put a tarp over a leaky roof or blown-out window. Keep receipts for any supplies you buy, as your insurer may reimburse you later.
Frequently asked questions
What other types of insurance does Chubb offer?
Other types of Chubb insurance include auto, valuables, cyber and umbrella. Additionally, Chubb offers what it calls “bespoke services,” which customize coverage for those with specialized hobbies or professions such as collecting or farming.
Is Chubb homeowners insurance expensive?
Chubb tends to be more expensive than its competitors, but it also offers several features standard that other insurers only have as add-ons. Rates and premiums can also vary depending on a number of factors, such as your credit or the age of your home.
What is Chubb Masterpiece coverage?
Masterpiece is the name of Chubb’s homeowners insurance product. It is more comprehensive than most other companies’ standard policies and comes with liability limits up to $100 million.
Does Chubb offer coverage outside the United States?
Chubb operates in 54 countries and territories around the world, including the U.S. and Canada, Singapore, Hong Kong, Australia and New Zealand.
Homeowners insurance ratings methodology
Vanquangblog’s homeowners insurance ratings reward companies for customer-first features and methods. The ratings are based on weighted average scores in several categories, including financial strength, consumer complaints, averages, discounts, online experience and more. My “easy to use” category considers factors like website transparency and how easy it is to submit requests. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best one for you. vanquangblog does not accept compensation for any reviews.
Methodology: Insurer complaints
vanquangblog examined claims received by state insurance regulators and reported to the National Association of Insurance Commissioners for 2018-2020. To gauge how insurers compare to each other, the NAIC calculates a claims index each year for each subsidiary, measuring the ratio of its total claims relative to its size, or the ratio of its total premiums. industry insurance. To assess a company’s claim history, vanquangblog calculated a similar index for each insurer, based on each subsidiary’s market share, over a three-year period. Rates are determined separately for auto, home (including renters and apartments), and life insurance.
Homeowners insurance rates methodology
Vanquangblog averaged rates for 40-year-old men and women from insurance companies in every ZIP code across all 50 states and Washington, D.C. Sample homeowners were nonsmokers with good credit living in a single-family, two-story home built in 1971. They had a $1,000 deductible and the following coverage limits:
- $300,000 in dwelling coverage.
- $30,000 in other structures coverage.
- $150,000 in personal property coverage.
- $60,000 in loss of use coverage.
- $300,000 in liability coverage.
These are sample rates generated through Quadrant Information Services. Your own rates will be different.