2024 Chubb Homeowners Insurance Review

Since its establishment in 1792, Chubb homeowners insurance has been known for its expertise in insuring high-value properties. The company provides customized service and standard coverage options that other companies charge extra for.

Chubb's Masterpiece Homeowners Coverage plan provides replacement cost value, water backup coverage, and free home appraisal and risk-mitigation services. Additionally, if you reside in a coastal region, Chubb offers flood insurance with coverage limits of up to $15 million for property damage.

Although Chubb's rates are higher than many competitors, it may not be the best option if you're on a tight budget.

Chubb homeowners insurance review

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Chubb homeowners insurance: Pros and cons

Types of Chubb homeowners insurance

Chubb offers homeowners, condo, and co-op insurance policies in all 50 states and Washington, D.C., as well as in more than 50 countries worldwide.

Chubb Masterpiece® coverage

Chubb's Masterpiece homeowners insurance, its standard plan, includes:

• Rebuilding or repairing your home's physical structure, permanent fixtures, appliances, and attached structures is covered under dwelling coverage.
• Chubb provides policies that cover the cost of repairing or replacing items in your home.
• Liability insurance: Chubb provides up to $100 million in financial protection against injuries or property damage, which exceeds most competitors' offerings.
• If your home requires repairs and you need to relocate, additional living expenses will cover housing, food, and other costs in similar accommodations.

Additional coverage

Masterpiece homeowners insurance also includes:

• The policy's limit does not cover the cost of rebuilding or repairing after a loss.
• If you decide not to rebuild or want to rebuild elsewhere after a covered loss, Chubb will pay out your policy limit in cash.
• Upgrading damaged areas of a home to meet electrical and plumbing codes can be financially beneficial.
• Water backup: Policies cover damages from water backup from sewers and drains.
• Seasonal and second homes in hurricane-prone areas are monitored by property management services.
• Identity theft prevention and response services with specialized fraud experts are available in select states.

Chubb provides separate insurance policies for valuable collections, including jewelry and classic cars, as well as flood, earthquake, and umbrella insurance.

Chubb home insurance discounts

A discount is provided by Chubb when you combine your homeowners policy with auto insurance or coverage for valuable articles. Additionally, discounts are available for having.

• Central station burglar alarms
• Fire alarms
• Water leak detection devices
• Sprinkler systems
• Temperature monitoring systems

Discount amounts and availability vary by location.

Chubb customer satisfaction

J.D. Power ranked Chubb No. 1 in its 2024 U.S. Home Insurance Study, which evaluated customer opinions on policy offerings, price, interactions, and billing processes. Additionally, Chubb outperformed the industry average in a separate survey on the claims process. According to the National Association of Insurance Commissioners (NAIC), Chubb received less than half the number of complaints expected for an insurance company of its size.

You can file and track claims on the Chubb website and mobile app, but there is no automated chat feature available.

Other Chubb insurance

Chubb offers customers many types of insurance, including:

• Pet insurance through Healthy Paws

How Chubb compares to other homeowners insurance companies

In comparison to two prominent competitors in the high-value home insurance market, how does Chubb perform?

Chubb vs. PURE

Chubb has a greater reach as it operates nationwide, while PURE only issues policies in 16 states and requires a selective screening process for membership. Additionally, Chubb has a longer history, dating back to the late 18th century, compared to PURE's incorporation in 2006.

Chubb does not provide a feature that PURE offers: policyholders can receive a partial return of their premiums as cash distributions after 10 years of membership.

While PURE's annual rates are close to the national average for $750,000 of dwelling coverage, Chubb's premiums are significantly more expensive.

Although both providers offer similar coverage options, such as cash settlement, extended replacement cost, and water backup coverage, Chubb's flood insurance options are significantly more comprehensive. Chubb policyholders can receive up to $15 million in property coverage, while PURE only provides $1 million in low-risk areas.

Both companies offer home evaluations and risk management services, but only PURE will give you an extra $2,500 to prevent a similar loss.

J.D. Power did not evaluate PURE in their homeowners insurance studies, but both insurers have a low volume of complaints, as per the NAIC.

Chubb vs. AIG Private Client Select

While both Chubb and AIG Private Client Select cater to high-net-worth clientele, AIG only provides bundled coverage, meaning you cannot purchase a standalone homeowners policy.

AIG and Chubb are highly praised by J.D. Power for their customer service and receive fewer complaints than other similar-sized insurers. Both companies offer similar coverage options, but AIG provides additional coverage for fragile items and offers architectural and historic preservation services after a covered loss.

How to buy homeowners insurance from Chubb

An independent agent is necessary to purchase homeowners insurance from Chubb. You can locate one in your area on the Chubb website.

Determine the cost of rebuilding your home and replacing belongings to calculate the coverage needed. Consider the expenses for living expenses if displaced and the amount of coverage required to protect assets if held responsible for injuries or property damage.

The Chubb Customer Care team can be reached at 866-324-8222 between 8 a.m. and 8 p.m. ET on weekdays and from 10 a.m. to 3 p.m. ET on weekends.

Is Chubb homeowners insurance right for me?

If your house is worth more than $1 million and you want extended replacement value coverage, Chubb's homeowners policy is a great option.

If you reside in a state that is prone to hurricanes or floods, having flood insurance with high limits for dwelling and contents coverage from Chubb can be beneficial.

Although Chubb offers premiums that are higher than many competitors, it may not be the best option if you're looking for a low-cost policy. Additionally, you'll need to work with an agent to get a quote or purchase a policy, which may not be suitable if you prefer the convenience of buying insurance online.

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At CNBC Select, our goal is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each life insurance review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of life insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics in everything we do. For more information on how we select the best senior life insurance companies, please refer to our methodology.

Our methodology

CNBC Select evaluates homeowners insurance policies based on several factors, including coverage options, accessibility, pricing, additional coverage, discounts, and customer satisfaction.

We utilize data from the National Association of Insurance Commissioners' complaint index, Better Business Bureau ratings, A.M. Best's financial strength scores, and J.D. Power surveys to evaluate homeowners insurance and the property claims process.

Insurance rates for homeowners can originate from multiple sources, such as the insurer and state insurance agencies.