Chubb flood insurance review: Premier coverage for high-value homes
Chubb’s flood insurance policies provide the broadest and highest limits of coverage of any company, making it a great option if you can afford the higher premiums.
By
Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.
Edited by
Jennifer GimbelJennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.
Our proprietary ratings methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the “Ratings methodology” section for more details.
4.9
AM Best rating
AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).
A++
Cost
Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).
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The bottom line
Chubb is the go-to flood insurance provider for homeowners that need up to $15 million in coverage for their home and personal belongings, along with several additional coverages that often cost extra with other companies. It also offers a standard flood insurance policy for homes that don’t require as much coverage, and excess flood insurance for National Flood Insurance Program (NFIP) policyholders who’d like more coverage.
Up until recently, Chubb’s standard policy provided NFIP-equivalent coverage, only letting you purchase up to $250,000 in coverage for your home and a maximum of $100,000 for your personal belongings. However, as of January 2023, its standard policy can now cover up to $2 million in flood damage to your home and possessions, temporary living expenses if your house is flooded, and it comes with high-deductible policy options. This means more homeowners can find the flood insurance coverage they need at an affordable rate — not just high-net worth homeowners or those looking for NFIP-level coverage.
One potential downside of Chubb is their policies tend to cost significantly more than other private flood insurance providers. It also typically charges two separate deductibles on dwelling and personal property claims, even if the damage was from the same flood event. But Chubb’s high coverage ratings and multiple policy options could make it worth the higher premiums and out-of-pocket claim expenses.
Comprehensive policy options for standard and high-value homes
High maximum coverage limits for your home and personal belongings
Several coverage included in base policy that cost extra with other companies
Cons
Rates are generally higher than that of other companies
Can only purchase high-value flood insurance policy if you have another Chubb policy
Standard flood policy is only available for homes in inland flood zones
Basic coverages offered
Chubb’s standard and high-value home flood insurance policies offer the following coverages to protect your home, possessions, and other expenses due to flood damage.
Personal property: This is the portion of flood insurance that reimburses you for flood damage to personal belongings inside your home.
If you get flood insurance with Chubb, the following additional coverages may also be included in your base policy:
Other structures: Pays to rebuild or repair additional structures on your property, like a detached garage or gardening shed, if they’re damaged by flooding.
Loss of use: Pays for hotel stays, restaurant bills, pet boarding fees, and other temporary living expenses after a covered loss if you need to live elsewhere while your home is being repaired or rebuilt due to flood damage.
Replacement cost contents: Pays to replace flood-damaged items with something new at today’s prices.
Basement property: Covers the cost of replacing built-in cabinetry, repairing the foundation, and other structural repairs if your basement is flooded.
Basement contents: Covers the cost of replacing items stored in your basement if they’re damaged by a covered flood event.
Debris removal: Covers the cost to remove debris after a covered flood.
Loss avoidance measures: Pays for mitigation services to fortify your home against flood damage.
Increased cost of compliance: Also known as ordinance or law coverage, this pays the extra cost of getting your home up to code after a covered flood loss.
Ratings methodology
Price
2.6/5
Our price rating scale looks at the average cost of a standalone flood insurance policy with the carrier based on pricing data from the National Association of Insurance Commissioners (NAIC). Chubb earned the lowest price score of any company we reviewed due to its average annual flood insurance premium of $2,698 — almost $2,000 higher than the average NFIP policy cost.
Customer experience
4.5/5
Our customer experience scale uses customer complaint data from the National Association of Insurance Commissioners (NAIC). We also considered each company’s waiting period, which is the number of days before your flood insurance coverage takes effect after you purchase the policy.
Chubb earned an excellent rating in this category thanks to its low number of customer complaints — receiving 50% fewer complaints in 2022 than a comparable company of its size. Additionally, you only have to wait 7 days for your flood insurance policy to take effect if you purchase a policy without a mortgage requirement. This is significantly shorter than the 30 days the NFIP makes you wait, and there’s no waiting period at all if you’re purchasing flood insurance to satisfy mortgage requirements.
Coverage options
5.0/5
Our coverage options rating is based on both the quantity and quality of additional coverages and policy options offered by each company. It also takes the carrier’s coverage availability into consideration and whether it offers policies in flood-prone states like Florida, Texas, Louisiana, California, or New Jersey.
With high-value home flood insurance available in 42 states and standard policies in 47 states, Chubb’s industry-best flood insurance coverage is available nearly everywhere in the country. One potential downside of its standard policy is you’re only eligible for it if your home is in an inland flood zone. Those with homes in coastal flood zones will have to look elsewhere for coverage.
Financial strength
5.0/5
Our financial strength rating is based on the company’s AM Best rating — the industry-leading metric to measure a company’s financial strength and ability to pay out flood insurance claims. Chubb flood insurance has an “A++” rating from AM Best — the highest of any company we’ve reviewed.
How much does Chubb flood insurance cost?
The average cost of a standalone flood insurance policy with Chubb is $2,698 per year, according to our 2023 analysis of private flood insurance pricing data from the National Association of Insurance Commissioners. However, keep in mind that Chubb only insures multimillion dollar homes that require additional coverage for expensive valuables and other coverages that come with a heftier premium.
Chubb flood insurance state availability
Chubb’s high-value flood insurance policy is available in 42 states and Washington, D.C., while its standard inland flood insurance policy is available everywhere except Alaska, Hawaii, and Kentucky.
Compare flood insurance quotes with top insurers in minutes
Chubb private flood insurance is an alternative to the National Flood Insurance Program (NFIP) — a federal government-backed program run by the Federal Emergency Management Agency (FEMA). The NFIP provides around 90% of residential flood insurance policies.
However, the NFIP’s low coverage limits, 30-day waiting period, and minimal available coverage add-ons have made private flood insurance an increasingly popular option.
Compare Chubb flood insurance to the NFIP to decide which policy makes the most sense for you:
Chubb standard
Chubb high-value
NFIP
Average annual cost
N/A
$2,698
$939
Maximum limits
$2 million combined dwelling and personal property limit
$15 million combined dwelling and personal property limit
How to get a quote: You can get a Chubb flood insurance quote online through Policygenius or Chubb’s website.
Customer service options: If you’re a Chubb customer and you have a question about your policy or you’d like to change your policy, you can call them at 866-324-8222.
How to file a claim: You can file a Chubb flood insurance claim by calling its customer service line at 800-252-4670, by logging into Chubb’s client portal, or you can report a claim online without having to sign in.
How to cancel your policy: You can cancel your Chubb flood insurance policy by calling your agent at the number provided on your policy declarations page or by calling Chubb’s customer service line listed above.
Chubb vs. other flood insurance companies
Compare Chubb flood insurance to other insurers in the industry:
Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.
Jennifer Gimbel is a senior managing editor and home insurance expert at Policygenius, where she oversees our homeowners insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.
