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Best homeowners insurance companies
Chubb is a premier insurance company that offers just about every kind of protection you need to protect your home and combined assets, but insurance with Chubb is pretty expensive and only really intended for high net-worth properties.
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Chubb Homeowners Insurance
Industry-best coverage and policy perks
Deductible waived if loss is greater than $50,000
Cash-out claim settlement options
Insurance premiums among highest in the industry
Will only insure high-net-worth property
No quick-quote option through the Chubb website
THE BOTTOM LINE
Chubb is a homeowners insurance heavyweight, offering robust coverages for your home and personal belongings, advanced digital tools, and a refreshingly personalized loss-settlement process if you need to file a claim. It's been around almost a century and a half and is highly reputable in the property insurance industry. Chubb offers policies in all 50 states and is backed by Chubb Limited, the world’s largest publicly traded property and casualty insurance company.
CHUBB COMPANY SPOTLIGHT
2 out of 5
J.D. Power Rating
A trusted customer satisfaction and product quality research agency
A nonprofit organization focusing on marketplace trust and product quality
100-year-old U.S. credit rating agency focused on the insurance industry
The Bottom Line
Chubb provides the most robust and personalized coverage and claims servicing in the industry. If you own a high-value home — especially one that's situated in a high-risk area at risk of hurricane or wildfire damage — there isn't a better carrier to go with than Chubb.
IN THIS ARTICLE
Industry-best coverage. Insuring your home with Chubb means getting far more than your typical coverage offerings. With Chubb, a standard policy comes with extended replacement cost coverage for the home, replacement cost coverage for your personal belongings, and a number of endorsements and high coverage limits.
Deductible waived if loss is greater than $50,000. If you claim a loss that exceeds $50,000, Chubb will waive your deductible, potentially saving you thousands in out-of-pocket expenses depending on your deductible amount.
Cash-out claim settlement options. One big perk of insuring your home with Chubb is their claim settlement options, which gives you the option of a cash reimbursement on a loss if you're not interested in replacing or repairing your damaged home or personal belongings.
Insurance premiums among highest in the industry. All of that outstanding coverage and white-glove customer service comes at a cost. Chubb homeowners insurance may be the priciest in the industry, so you'll have to determine whether the unbeatable product is worth the hefty price tag.
Will only insure high-net-worth property. Chubb is a premier carrier, which means their policies are geared toward homeowners with expensive homes and high-end cars and valuables that also need insurance. If you're insuring a mid-sized home and nothing else, Chubb probaby won't take you on as a customer.
No quick-quote option through the Chubb website. While it's a good thing that Chubb policies are sold and serviced through independent agents (including Policygenius), homeowners who are pressed for time and simply trying to fetch a quick quote through the Chubb website won't be able to. Chubb doesn't offer an online application or quick-quote.
The price of homeowners insurance can vary considerably from location to location. Multiple factors, including your ZIP code and and natural disaster risk, your home's condition and age, and your credit score all impact how much you'll pay in monthly or annual premiums.
Chubb customers pay around nearly three times as much as the average customer, with a $5,550 average annual premium according to Policygenius data.
A great way to keep those expensive homeowners insurance costs down with Chubb is to take advantage of their generous discount opportunities.
Some common discounts include protective devices discounts, claims-free discounts, and new home-buyer discounts. Chubb offers all of the standard discounts as well as a multi-policy discount of up to 20% if you get more than one property insurance policy with Chubb.
Homeowners insurance protects your most important financial assets, so you'll want to be sure you're insuring your home, your personal possessions, and other assets with a company that will be able to pay out your claim in the event of a disaster. Chubb has been around for almost 150 years and has well-established financial strength with the top insurance rating agencies in the world. With Chubb, you can insure your home with confidence.
Standard & Poor's measures companies' creditworthiness and is used primarily by financial investors and other market stakeholders. S&P is also valuable in measuring the long-term financial stability of insurance companies. A AAA rating is the highest issuer credit rating assigned by S&P, so Chubb's AA rating puts them in the upper-echelon of insurance companies in terms of financial confidence.
Moody's is very similar to Standard & Poors, except rather than measuring a companies ability to remain financially stable and creditworthy, Moody's measures what the expected losses would be if a company were to go into default. It's particularly valuable in analyzing the value of stocks and bonds with certain companies. A AAA rating is the highest possible score you can receive from Moody's. Chubb's A3 rating puts them in the "upper-medium" of the Moody's investment grade spectrum. Not outstanding but also indicating that Chubb has low credit risk.
A.M. Best is the most reliable credit-rating tool insureds can use to gauge the financial health of a particular company. Unlike S&P and Moody's, A.M. Best is focused exclusively on the insurance marketplace. A good score with A.M. Best means a company is more likely to fulfill their financial obligation to you when it comes time to file a claim. With a score of A++, Chubb has the highest rating a company can receive with A.M. Best.
It's important to know what experts think about homeowners insurance companies - but it's also good to know what actual customers and consumer sentiment sites are saying, too.
Chubb has decent customer ratings across the board. While they falter in some areas, like J.D. Power's overall satisfaction score, Chubb maintains an A+ with the Better Business Bureau and has a "0" with the NAIC complaint index, which means policyholders complain about Chubb very little if ever.
J.D. Power provides studies that rate insurance companies across policy offerings, price, clarity of billing and policy information, interaction, and claims. An overall satisfaction score, "based on how customers view every experience of their experience with homeowners insurance providers", is reflected here and used for our ranking.
The Better Business Bureau ranks companies across a large swath of criteria. While consumers can submit ratings to the BBB, these scores are not taken into account in their rating, although tangential metrics that take into account customer experience are.
Consumer Affairs is a platform that lets consumers directly rate customers, while Consumers Advocate rates companies based on stability, reputation, and policy coverage.
The National Association of Insurance Commissioners tracks the number of complaints submitted to state insurance departments with their national complain index. A score of 1 is the baseline average, and a score of 0 means there weren't enough complaints to count. Chubb's 2018 score of 0 means they received hardly any complaints that year.
Chubb offers a single policy — the Chubb Masterpiece — and it includes all the primary coverages (dwelling, other structures, personal property, loss-of-use, liability, and medical payments coverage) but with a whole bunch of added perks: extended replacement cost coverage for your home and other structures on your property; open peril coverage for your home and everything inside; and a unique “cash-out” loss-settlement option – which will pay you in cash if you don’t want to necessarily want to replace the damaged property.
The Masterpiece also includes a number of extra coverages that would typically require an endorsement with standard carriers, like water backup coverage, business property coverage both on and off your premises, and unlimited debris removal. Here are some of the highlights of the Chubb Masterpiece:
High sublimits for valuables
Chubb home insurance is available anywhere in the country with agents and claims servicing readily available for insureds. Chubbs online user experience is among the best in the industry as well, with numerous ways to manage your policy, pay your bill, and file claims. However, Chubb doesn't have an online application or quick-quote option.
Chubb homeowners insurance is available in all 50 states and the District of Columbia.
As informational and detailed as the Chubb website is, arriving at the actual quote page proved to be far more difficult than it needed to be. When you type in your ZIP code, Chubb provides you with a list of independent insurance offices that sell Chubb policies, meaning there is no online home insurance application portal offered through Chubb and the application ostensibly involves calling and speaking with your local insurance representative. (You can also apply for Chubb policies through Policygenius.)
Since Chubb is a high-value product that requires some explanation, this is less than surprising. Chubb may find that retaining you as a potential customer is better achieved with an expert physically explaining to you why Chubb policies are worth it, rather than a computer simply pumping out a quote that you can use as a comparison against some other carrier. For that reason, we didn’t deduct them for this minor inconvenience.
One of the areas where Chubb excels is the claim filing process, and they really make that clear on their company website. After you work your way to Chubb’s claims page, you’re immediately met with glowing customer testimonials, as well as, in the company’s own words, a guarantee that they’ll make every effort to issue claim payments within 48 hours of a resolved claim. They also offer claims informational tools and resources, like a catastrophe center if you were a victim of a natural disaster, a helpful FAQ page, and links to digital tools – like the Chubb Mobile Estimate App – that will help you obtain damage estimates to send directly to your claims representative and expedite your claim.
Chubb offers a number of ways to report your claim:
Chubb has a high claims satisfaction rating (4 out of 5) with J.D. Power.
Policygenius offers insurance policies from many of the nation's top insurers, who pay us a commission for our services. However, all editorial choices are made independently.
About the author
Pat Howard is an Insurance Editor at Policygenius in New York City, specializing in homeowners insurance. He has been featured on Property Casualty 360, MSN, and more. Pat has a B.A. in journalism from Michigan State University.
Policygenius’ editorial content is not written by an insurance agent. It’s intended for informational purposes and should not be considered legal or financial advice. Consult a professional to learn what financial products are right for you.
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