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.

Map
Table
AL AK AZ AR CA CO CT DC DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY
Available
Not available
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:

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%.

DiscountAverage rate beforeAverage rate after% discount
Age of home$1,836$1,6848%
Bundle$1,827$1,6599%
Burglar Alarm$1,858$1,7715%
Construction type$1,997$1,73014%
Fire Alarm$1,858$1,7486%
Gated Community$1,804$1,6628%
Loyalty$1,831$1,6749%
New Home$1,798$1,39822%
Separate Wind-Hail Deductible$1,724$1,6783%
Sprinklers$1,798$1,61510%
Upgrades$1,899$1,8164%
Water Safety System$1,798$1,6966%

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.

ReasonAverage rate beforeAverage rate after% increase
Age of home$2,435$2,5073%
Claims$2,022$2,63231%
Distance From Coast$2,221$2,4269%
Home-Based Business$2,057$2,2149%
Proximity to fire station$2,018$2,86244%

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.

CompanyAverage annual rateJ.D. Power Home Insurance StudyAM BestNAIC Complaint ratio
Chubb$1,683801A++0.12
State Farm$2,169829A++0.73
Allstate$2,098809A+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.