Chubb Homeowners Insurance Review
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If you’re looking to purchase a home, one thing you’ll need to consider as you calculate what you can afford is homeowners insurance. While home insurance rates aren’t generally the sort of thing that will make or break your budget, insurance cost is still an important cost of homeownership to factor into your decision to get a home in the first place.
Do you really need home insurance? The answer is a resounding yes if you just bought a new home. Just like car insurance helps protect your car in the case of an accident, a homeowners insurance policy offers protection for things like repairs, loss of use, and any personal belongings that might get damaged in the case of an accident.
When shopping for home insurance policies, you’re bound to encounter a wide range of homeowners insurance companies. One insurance provider you may encounter as you search for types of coverage is Chubb.
Chubb offers policyholders a variety of insurance products, including life insurance, renters insurance, and auto insurance. Keep reading the insurance review to learn more about what makes Chubb a great option for home insurance and why you may want to continue looking for other home insurance companies.
In this article
What is Chubb homeowners Insurance?
Founded in 1882, Chubb is a global insurance company with an international footprint. Its headquarters are located in some of the world's most famous cities, including London, New York, and Paris. Overall, Chubb operates in more than 50 territories and countries.
Aside from offering homeowners insurance, Chubb offers business insurance, life insurance, auto insurance, and renters insurance. You’ll need to work with one of their independent insurance agencies to get insurance coverage.
How does Chubb homeowners insurance work?
Unlike other insurance companies, you can’t immediately get a quote from Chubb online. Instead, you need to find an agent to explore coverage options with the insurer. Start by navigating to their website, where you can find the “Find an Agent” button in the top right.
After you click this button, you can search for an independent insurance agent with the skills and knowledge to custom-build a policy that truly fits you and your needs. Chubb’s website can auto-detect your location, or you can just select your state and see a list of agents with descriptions of their specialty and other useful business information.
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How much does Chubb homeowners Insurance cost?
For anyone trying to figure out whether or not Chubb fits in with the other living expenses in their budget, it’s important to know how much their premiums cost. Generally speaking, the average cost of homeowners insurance in the United States is about $1,915 annually. However, this can vary greatly depending on where you live, how much your home costs, and other policy features such as coverage limits and deductibles.
Unfortunately, you won’t be able to receive an online quote if you’ve decided to pursue coverage from Chubb. You need to work with a local agent to receive insurance quotes that are accurate to your situation and needs.
One thing you can solace in when estimating how much Chubb home insurance costs is that they provide a good amount of insurance discounts. For example, if you have multiple policies bundling with Chubb or three or more years with no insurance claims, you can receive up to 10% off your overall rate. Additionally, Chubb offers discounts for certain safety features, such as fire-resistant construction materials, a backup generator, or a security system.
Chubb Homeowners Insurance features
Broad standard coverage
Chubb’s standard policy, the fancy-sounding Masterpiece Homeowners Insurance policy, ensures that your bases are covered in insurance for your personal property and house and other structures like sheds, pools, or garages. This coverage includes the standard things you’d expect from a home insurer, like dwelling coverage, liability coverage, personal injury coverage, and personal liability coverage — as well as loss of use coverage.
Beyond these standard features, Chubb also includes water backup coverage, guaranteed replacement cost coverage (even if the cost to rebuild your home is higher than your policy limit), and the true replacement value for your belongings instead of the actual cash value. Most insurers will include these things only as add-ons, so it’s nice to see the additions under Chubb’s standard policy.
Additional coverage
If you’re looking for add-ons beyond what’s offered as part of the Masterpiece Homeowners Insurance coverage, Chubb has exactly what you seek. From earthquake coverage to flood coverage, Chubb has a few state-related policy additions to talk to your local agent about as they prepare your policy documents. They also have a valuable articles policy you can add to your homeowners’ policy, so high-end belongings like artwork or jewelry are also doubly protected as a covered loss.
Mobile app
Once you have your policy, Chubb’s mobile app makes it easy to pay your premium or even check in on your claims process. If you’re used to handling your personal finance needs on the go, you’ll surely appreciate the ability to use Chubb’s app on iOS or Android.
Safety-related discounts
When you need to save on your homeowners insurance policy, Chubb gives you a good amount of options to do so. Most of the discounts are related to fire safety or home security; however, they also offer multipolicy discounts for bundling your homeowners insurance with another type of insurance like car insurance. Chubb also offers discounted policies for new or newly renovated houses.
Who is Chubb homeowners Insurance best for?
Do you own an expensive home or a lot of valuables? While you don’t have to be wealthy to get the most value from Chubb, the extended coverage offered through their Masterpiece Homeowners Insurance policy is going to be far more useful if you need extended replacement cost coverage on your home or don’t want to bank on receiving the actual cash value reimbursement for your belongings.
Who shouldn’t use Chubb Homeowners Insurance?
If you don’t like the idea of working with an insurance agent or not being able to get a quote for your home insurance policy online, you’ll need to look into different insurers. Additionally, if your home is valued at less than $500,000 and you don’t need earthquake or wildfire protection, Chubb may be a bit overkill in terms of insurance companies.
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Pros and cons
Pros
- Great coverage comes standard. Chubb offers a lot of features in its standard Masterpiece Homeowners Insurance policy, including things that other insurance companies will only include if you pay for them as part of additional coverage.
- Proactive perks. Depending on where in the United States your home is located, Chubb offers a few other features that can allow you to make the most of your home insurance policy and protecting your house. This includes Wildfire Defense services as well as infrared technology to see behind walls called HomeScan.
- Available in all 50 states. If you need homeowners insurance and like the sound of a specific insurance company, the last thing you want to hear is that your favored insurer doesn’t actually service the area where you live. Thankfully, Chubb is available in all 50 states, so eevn if you move at a later date you can keep a similar policy at your new home.
Cons
- No online quote process. When you need to compare your insurance policy options, an online quote process can make the entire task much more straightforward. Unfortunately, Chubb requires you to talk to an agent in order to get a quote.
- Coverage varies based on where you live. As was previously mentioned, because Chubb doesn’t underwrite their homeowners insurance policies, your coverage may be different depending on where you live or who you’re paired with to handle your underwriting. This makes it hard to evaluate the company as a whole when it comes to home insurance coverage.
- Comprehensive website can be hard to navigate. Due in part to the fact that Chubb operates using independent insurance agencies, some details of their policies and coverage can be tricky to find on their website. If you’re fine talking with a live agent, this isn’t as much of an issue, but if you’re trying to evaluate your options by browsing their website first, you may find it challenging to find what you need.
Chubb Homeowners Insurance vs. Geico, Allstate, and Nationwide
Curious how Chubb’s home insurance does when put head-to-head with other insurance providers? Look at this quick overview comparing Chubb to other insurance providers you might be considering, including popular choices like Geico, Allstate, and Nationwide.
Insurance provider | Available in all 50 states? | A.M. Best Rating | JD Power Ranking |
Chubb | Yes | A++ | 801 |
Geico | Yes | A++ | N/A |
Allstate | Yes | A+ | 809 |
Nationwide | No | A | 812 |
Geico
Geico and Chubb have high A.M. Best Ratings, but Geico doesn’t have a JD Power Ranking to help you evaluate its financial strength with another independent agency. Both insurance providers are available in all 50 states.
Allstate
Chubb beats Allstate in terms of its A.M. Best rating; however, it is edged out just slightly by the JD Power rankings. Both insurers are available in all 50 states, so you may get relatively comparable experiences from a financial strength perspective with each company. Even so, Chubb may be better if you want more comprehensive coverage.
Nationwide
Nationwide isn’t available in all 50 states, so Chubb has the upper hand. Chubb also scores much better in A.M. Best ratings, even if Nationwide has a stronger JD Power Rating. While there are some reasons you may want to choose Nationwide, Chubb is, by and large, a better choice based on the merits of this chart.
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FAQs
Is Chubb available for homeowners insurance in all 50 states?
Yes. Chubb is offered and available for homeowners in all 50 states as well as the District of Columbia.
Do you need homeowners insurance?
Yes. If you own a house, it’s important that you have a way to protect it in the event of an emergency or accident.
What other types of insurance does Chubb offer?
In addition to offering home insurance, Chubb also offers life insurance policies, auto insurance, renters insurance, and even business insurance.
The bottom line
Chubb is a strong choice for anyone who needs comprehensive coverage or owns a high-value property. With availability across the United States and in the District of Columbia, there is a lot to be said for Chubb’s ability to offer customers extended coverage on repair costs even if they exceed the policyholder's policy limits.
If you really dig into value as a component of your personal finance decision-making, it’s hard to argue with the broad protections offered by Chubb’s Masterpiece policy. The Masterpiece policy goes beyond common protections like covering medical payments and loss-of-use to offer much more.
Of course, all of these perks are not without some drawbacks. Mainly, this comes down to the fact that you’re unable to get a quote or using any insurance calculators to estimate the cost of your coverage online with Chubb. Instead, you need to reach out to a local, independent insurance agent in order to explore your coverage options.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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