- Our thoughts on Chubb
- Where can you buy Chubb homeowners insurance?
- What does Chubb homeowners insurance cover?
- How much is Chubb home insurance?
- Chubb home insurance discounts
- What makes Chubb home insurance rates go up?
- Chubb vs. competitors: How does Chubb stack up?
- What do people ask about Chubb?
- Is Chubb a good homeowners insurance company?
Our thoughts on Chubb
Chubb is not as well known to the average insurance shopper as competitors like State Farm and Allstate, but it’s one of the biggest home insurance companies in the U.S. There weren’t enough responses for this company in our home insurance survey to rank Chubb, but it performs well in most third-party ratings.
Despite having a reputation as an insurer of high-value homes, Chubb’s average home insurance rates are some of the cheapest among major companies. It also has the top score for financial stability from AM Best, an A++.
“The most affordable option might skimp on coverage depth, potentially leaving policyholders exposed to certain risks.“, says Siwei Gao, professor of insurance studies at Eastern Kentucky University. That’s not the case with Chubb.
Chubb’s Masterpiece home insurance policy is comprehensive, offering options as standard that are endorsements elsewhere, and the company has its own private flood insurance program as well. Chubb home insurance quotes aren’t available online, so you’ll have to contact an agent.
Overall: Chubb offers affordable, comprehensive home insurance backed by a strong financial standing and a good reputation.
Pros:
- Very low complaint ratio and high AM Best rating
- Low average rates
- A lot of extras are included in the policy as standard
Cons:
- Lower J.D. Power score for overall satisfaction
- Caters to high-value homes, so not all homes may qualify
Where can you buy Chubb homeowners insurance?
Chubb offers home insurance in all 50 states and D.C., including California and Florida, although some limitations may exist.
| State |
|---|
| Alabama |
| Alaska |
| Arizona |
| Arkansas |
| California |
| Colorado |
| Connecticut |
| Delaware |
| Florida |
| Georgia |
| Hawaii |
| Idaho |
| Illinois |
| Indiana |
| Iowa |
| Kansas |
| Kentucky |
| Louisiana |
| Maine |
| Maryland |
| Massachusetts |
| Michigan |
| Minnesota |
| Mississippi |
| Missouri |
| Montana |
| Nebraska |
| Nevada |
| New Hampshire |
| New Jersey |
| New Mexico |
| New York |
| North Carolina |
| North Dakota |
| Ohio |
| Oklahoma |
| Oregon |
| Pennsylvania |
| Rhode Island |
| South Carolina |
| South Dakota |
| Tennessee |
| Texas |
| Utah |
| Vermont |
| Virginia |
| Washington |
| Washington D.C. |
| West Virginia |
| Wisconsin |
| Wyoming |
*Some state rates will vary based on the addition of a hurricane deductible and may be much higher when included.
What does Chubb homeowners insurance cover?
A Chubb homeowners insurance policy covers all of the basics of a standard home insurance policy, including:
- Your house (dwelling coverage)
- Any detached structures on your property (other structures)
- All of the contents of your house (personal property)
- Extra bills incurred when you can’t live at home due to a covered loss (loss of use/additional living expenses)
- Damages or injuries to others caused by you or occurring on your property (personal liability and medical payments)
But Chubb doesn’t write a basic home insurance policy. In keeping with its lean towards higher-value homes, Chubb throws a lot of extras in its Masterpiece policy. Included as standard are:
- Extended replacement cost coverage for your home
- Cash settlement option that allows you to take the cash rather than rebuilding or replacing items after a loss
- Replacement cost coverage for personal property.
- Tree removal after a storm
- Restoration of electronic data destroyed by a virus
- Lock replacement
- HomeScan to uncover leaks and faulty electrical, among other things
- Risk consulting services to help you find the risks in and around your home
- Water and sewer backup
- Building and ordinance coverage
Essentially, Chubb’s standard home insurance policy is an HO-5 policy, which offers more comprehensive coverage than the standard HO-3 policy most people buy. But it goes even beyond that, covering things that standard policies exclude.
Because it’s aimed at higher-value homes, Chubb’s policies offer higher limits than many insurance companies, including personal liability of up to $100 million.
Of course, all home insurance policies have exclusions, including Chubb. Standard exclusions are:
- No coverage for floods and earthquakes (earthquakes can be endorsed, and Chubb offers private flood insurance)
- Coverage limits on certain types of personal property, like jewelry, fine art, musical instruments and sports equipment.
- No coverage for excluded perils like war and terrorism, nuclear hazards, animal and pest damage.
How much is Chubb home insurance?
Chubb homeowners insurance rates are low, with an annual average rate of $1,683 at $300,000 in dwelling coverage and liability and a $1,000 deductible. That’s more than $1,000 below the national average of $2,777. As you can see below, the amount of dwelling coverage you need will impact how much you pay.
| Coverage level ($1,000 deductible and no hurricane) | Average annual rate |
|---|---|
| $200,000 dwelling, $100,000 liability | $1,119 |
| $200,000 dwelling, $300,000 liability | $1,181 |
| $300,000 dwelling, $100,000 liability | $1,622 |
| $300,000 dwelling, $300,000 liability | $1,683 |
| $400,000 dwelling, $100,000 liability | $2,119 |
| $400,000 dwelling, $300,000 liability | $2,181 |
| $500,000 dwelling, $100,000 liability | $2,623 |
| $500,000 dwelling, $300,000 liability | $2,685 |
| $600,000 dwelling, $100,000 liability | $3,128 |
| $600,000 dwelling, $300,000 liability | $3,190 |
Chubb home insurance discounts
Chubb offers a wide range of homeowners insurance discounts, the largest of which is the new home discount at 22%.
| Discount | Average rate before | Average rate after | % discount |
|---|---|---|---|
| Age of home | $1,836 | $1,684 | 8% |
| Bundle | $1,827 | $1,659 | 9% |
| Burglar Alarm | $1,858 | $1,771 | 5% |
| Construction type | $1,997 | $1,730 | 14% |
| Fire Alarm | $1,858 | $1,748 | 6% |
| Gated Community | $1,804 | $1,662 | 8% |
| Loyalty | $1,831 | $1,674 | 9% |
| New Home | $1,798 | $1,398 | 22% |
| Separate Wind-Hail Deductible | $1,724 | $1,678 | 3% |
| Sprinklers | $1,798 | $1,615 | 10% |
| Upgrades | $1,899 | $1,816 | 4% |
| Water Safety System | $1,798 | $1,696 | 6% |
What makes Chubb home insurance rates go up?
All home insurance companies increase rates when certain risks are present on a property. Here’s a look at the average increase for common risks from Chubb.
| Reason | Average rate before | Average rate after | % increase |
|---|---|---|---|
| Age of home | $2,435 | $2,507 | 3% |
| Claims | $2,022 | $2,632 | 31% |
| Distance From Coast | $2,221 | $2,426 | 9% |
| Home-Based Business | $2,057 | $2,214 | 9% |
| Proximity to fire station | $2,018 | $2,862 | 44% |
Chubb vs. competitors: How does Chubb stack up?
Chubb didn’t have enough responses on our 2023 best insurance companies survey to compare it to competitors based on those responses. Instead, we’ve compared it on rates and third-party ratings. Chubb stands up well against the best home insurance companies in the U.S. and has lower rates than both State Farm and Allstate.
| Company | Average annual rate | J.D. Power Home Insurance Study | AM Best | NAIC Complaint ratio |
|---|---|---|---|---|
| Chubb | $1,683 | 801 | A++ | 0.12 |
| State Farm | $2,169 | 829 | A++ | 0.73 |
| Allstate | $2,098 | 809 | A+ | 0.35 |
What do people ask about Chubb?
We've answered some common questions about the company to help you get to know Chubb and decide if it’s right for you.
Is Chubb more expensive?
Surprisingly, no, Chubb isn’t particularly expensive. Although Chubb caters to high-value homes and well-off clients, its rates are lower than many competitors. A company like Chubb is likely cautious with the risks it takes on, choosing clients and properties that are less likely to file claims, which can also keep rates down. Of course, rates vary, so your Chubb home insurance quote won’t look like the average.
Does Chubb insure homes in Florida?
Yes, Chubb offers home insurance in Florida, although coverage may not be available in all parts of the state and not all homes in Florida will qualify for a Chubb policy.
Is Chubb home insurance worth it?
Chubb offers a lot of extra coverage in a standard home insurance policy at reasonable rates. However, for some people, Chubb may be more expensive than other insurers. To decide if buying a Chubb policy is worth it, you’ll have to compare rates and coverage from several other insurance companies and see how they stack up.
Is Chubb a good homeowners insurance company?
We couldn’t rank Chubb using our home insurance company survey due to the lack of responses on the survey about the company. However, Chubb has a very good reputation with third-party rating agencies. It has a very low NAIC complaint ratio of 0.12 (anything below 1 is good) and the best possible AM Best financial strength rating at A++.
Overall, Chubb has a good reputation for home insurance and is unlikely to face any financial difficulty. That means it will be there when you need it.
Is Chubb good at paying claims?
Chubb promises to respond to claims within 24 hours, and as a company that caters to high-net-worth customers solid claims service is vital.
Chubb’s score in the 2023 J.D. Power home insurance claims satisfaction study was 880 out of 1,000, which is above the industry average of 874.
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