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Friday, August 12th
Chubb began in 1882, and was acquired by ACE Limited in 2016. It operates in 54 countries and territories. It's the largest commercial insurer in the US, and in 2020 reported having written $41 million in gross premiums. They offer personal insurance policies, including homeowners, auto, accident, life, and renters insurance.
You're not just a number here
Right there on Chubb's home page, you'll see that they care about you as a person. They put it front and center that your home is more than just the structure and a potential claim. You have memories and experiences in the details of your home, so if you have to rebuild you'll want to do so without headaches or delays. It's nice to know that a company thinks of you as a person and of your dwelling as a home.
Chubb will provide a complimentary home appraisal to carefully document what makes your house a home to provide the best insurance protection. They also have risk consultants to give fire and theft advice.
Chubb will repair or replace items to bring your house back to its condition before the damage as much as possible, even down to the flooring and carpentry. They will replace upgraded appliances with the best match available currently. Even if the cost exceeds your policy limit, Chubb will pay to have your home restored to its original condition. And even if you need more work done due to upgraded building codes, Chubb will rebuild to those codes and pay for it. There's no depreciation deduction, and you can go up to the limit that's set on your policy. If you choose not to replace certain items, you can choose the cash reimbursement instead.
Temporary living arrangements
If you need a place to stay when your home is uninhabitable due to a covered loss, Chubb will help you find a place to stay - whether it's a suitable hotel or a similar home so you can remain in the school district, if that's important to you.
This isn't an option that's commonplace; in fact, it's practically unheard of. If you have a total loss on your home, and you decide to rebuild in a different location, you can choose Chubb's cash settlement, up to your policy limit.
There are extras here that actually aren't extra - they're included. There's tree removal after a storm, restoration of electronic data produced by a computer virus, lock replacement if your keys are lost or stolen, and HomeScan, where you can find missing insulation, leaks, and faulty electrical connections before the damage occurs. They have a service to help with identity theft, and they can see you through every step of the process. If a disaster destroys important documents, Chubb can help you replace them quickly. Speaking of quickly, when you make a claim, in 98% of their claims, an adjuster has made contact with the homeowner within six hours of the initial report.
Property manager service
If you have a seasonal or second home in a hurricane-prone area, Chubb's property manager service can help you keep watch on your home if you are away. If strong winds are affecting your community, an inspector will examine your home as soon as it's safe to do so, and provide you with a full report. And with your permission, they may even arrange for emergency repairs or open a claim. Rather than waiting weeks for this process to happen step-by-step with another insurance company, Chubb is proactive and can get the process started immediately and without red tape. And if you're in a wildfire-possible area, they might be able to stop by, before the wildfire starts, and ask wildfire fighters to help save Chubb homes when there's a threat: a great idea that saves money for you and Chubb.
There are very few add-ons to consider as most are included in the standard policy. The extended replacement cost coverage will rebuild your home to its original condition, even if the cost exceeds the limits in your policy. There's a jewelry add-on for pieces that exceed the coverage limits of their standard policy. You can also cover expensive pieces such as artwork, antiques, and other items with a high value. If you are in certain zones, you can also purchase earthquake coverage.
Price-wise, it's a balancing act
Chubb can cost more than its competitors, but it offers several features that are typically add-ons or upgrades with other insurance companies. With these inclusions, there are fewer decisions to make when personalizing your product, but know the price tag will be higher since you'll still get these high-end features.
There are a few discounts you might be able to take advantage of. There's a multi-policy discount, a discount for monitored security systems, sprinkler system and fire-resistant construction discount, and new/renovated home discount.
They want you to know that, "We look for ways to say yes," and, "We look for ways to do more." These are prevalent in the way they have set up policies and claims. They want to say yes to you so your home, and you, are made whole again. They want to do more to suit your needs and uniqueness, and they want to be proactive to prevent loss from happening at all.
Work with an agent
You'll need to contact an independent agent. You can't just contact Chubb directly and inquire about a policy. Contact an agent if you're looking for an all-inclusive policy since Chubb makes insurance shopping easy.
A home valued at $300,000 might cost $2,055 per year, which is significantly higher than the national average as well as all other homeowners insurance companies we have reviewed.
There are few complaints in comparison with the size and array of coverage. In addition, with the world functioning more virtually, you can't get a quote online. The only way to get a quote is directly with an agent. That said, there's an app where you can submit claims, pay premiums, view assessment reports of your home, and it has a few more features in addition.
They've thought of everything... except online service
Chubb is an insurance company with relatively few complaints besides the fact that you can't get the policy online. Chubb helps you to prevent major damage or destruction, they include quite a few add-ons in their standard policy, and are quite customer-oriented. You will receive star treatment, and you'll feel like your policy comes with a big, comforting hug. If you have the dough and want to pay for the "we want to do more" company, you won't be disappointed. If your budget is not that of the rich and famous, there are less expensive insurance companies that are also highly rated that could help you out.
Your home is probably one of the most important and valuable assets you have. Whether you've purchased a new home or have paid off the mortgage years ago - congrats on either! - your home is an asset you'll want to protect and not be without.
If you have a mortgage on your home, the lending company may require you to show proof of insurance to assure both them and yourself that you are protected, financially and otherwise, in case of a disaster causing damage or complete destruction. Even if you have paid for your home in full, a disaster that leaves your home damaged or uninhabitable could cost thousands to repair or hundreds of thousands to replace. Most people don't have that cash on hand; or if they do, that's not how they would choose to spend it.
It's fast and easy to get a policy online. For many, it's a great decision. However, when it comes time to make a claim, you might not have purchased the right policy for you. For example, you may not have considered flood or earthquake insurance. You might not have insured your very valuable items individually, and if they're stolen, they're probably not covered.
On the other hand, if you work with an agent to get your policy, they will probably ask you a myriad of questions to get the policy you need. Online can be great, just be sure you know what you want in a policy.
Here are a few things to consider when purchasing a homeowners policy.
To provide you with the best information so that you can get the right policy and best insurance company for you, TopConsumerReviews.com has evaluated and ranked the most popular sources of homeowners insurance available today. Getting the right policy is like cuddling with a warm blanket, since you'll have that assurance you'll be covered if any damage or destruction to your home. The process of choosing a homeowners insurance policy might have seemed daunting and you may have avoided it for as long as you can, but we can help make it easy.
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Fri, 12 Aug 2022