In this post:
- Chubb - Company Overview
- Why We Like Chubb’s Umbrella Policy
- What Is Umbrella Insurance?
- How Chubb Umbrella Insurance Works
- Chubb Umbrella Insurance Coverage and Limitations
- How Much Does Chubb Umbrella Insurance Cost?
- How To Get Started
- How To Submit a Claim
- How To Cancel a Chubb Umbrella Policy
- Customer Service Contact Info
- Is a Chubb Umbrella Policy Worth It?
Chubb Insurance is a popular company offering umbrella insurance with up to $100 million in coverage to protect your most important assets.
Imagine having a car accident that you’re found to be at fault for. Your auto insurance will pay for some of your liability based on your policy’s coverage limits, but you’re still liable for about $100,000 more. Where will that money come from? For people who don’t have extra coverage, they may need to give up assets, like an extra vehicle, their savings, or even their home, to cover the costs.
With umbrella insurance, you won’t have to do that. A Chubb umbrella policy extends the coverage of your homeowner insurance or car insurance, giving you excess liability insurance when an unexpected event occurs.
Chubb – Company Overview
Chubb Insurance dates back to 1882 as a company originally offering marine underwriting services for port businesses in New York City. During the 1900s, the company transformed into a major insurance business, adding coverage for fire, auto, rain and hail, and more to the Chubb roster. Today, Chubb Insurance offers numerous types of casualty and property insurance, like boat, cyber, and home insurance, to customers in 54 countries.
Pros
- Highest liability coverage limits of any provider we've seen
- Personal and commercial policies available in 54 countries and territories
- High customer satisfaction ratings
Cons
- Focuses on high income and commercial clients, so rates may be higher
- Long, length process to get a quote
Coverage Limit: $1-100 million
Multi-policy Discounts Available: Yes
Minimum Home Insurance Requirements: $300k liability coverage
Minimum Auto Insurance Requirements: $250 bodily injury liability per person, $500k bodily injury liability per accident, $100k property damage liability per accident OR $300k bodily injury liability per person, $300k bodily injury liability per accident and $100k property damage liability per accident OR $300 combined single limit
Chubb is not currently accredited with the Better Business Bureau and has multiple profiles on the site related to its corporate business with varied ratings from A+ to D-. However, the company has received numerous awards throughout its lifetime, including Best-In-Class Savings Product from the 2019 Benchmark Wealth Management Awards and a Bloomberg Businessweek Financial Institution Award in 2015 for Outstanding Performance in Retirement Planning.
The company also contributes to its communities through the Chubb Charitable Foundation, which supports numerous organizations and events focused on improving health, poverty, education, and the environment.
As one of the best umbrella insurance providers, competitors of Chubb include:
- Allstate Umbrella Insurance
- Geico Umbrella Insurance
- Liberty Mutual Umbrella Insurance
- The Hartford Umbrella Insurance
Why We Like Chubb’s Umbrella Policy
A Chubb umbrella policy offers some of the most flexible coverage for consumers looking for added protection beyond their homeowners or vehicle insurance, with coverage options from $1 million to $100 million, which is ideal for individuals with high net worths. Chubb also protects umbrella policyholders by extending their coverage to wherever they happen to go, whether they travel to another state for vacation or live abroad for six months.
Your Chubb umbrella policy also offers more than just your policy. When you become an umbrella policyholder, you’ll not only get coverage for covered accidents you’re involved in and found liable for, but you’ll also receive financial assistance for legal counsel when needed and protection from accidents when another driver is uninsured or underinsured.
Although not unusual to the insurance industry, one potential drawback to using Chubb Insurance for your umbrella coverage is that you’ll need to also have your home or auto insurance with Chubb to get coverage. It can be convenient to have all your policies housed under the same company, but it’s not always the most affordable route, as it doesn’t allow you to shop around for the best umbrella policy quote.
What Is Umbrella Insurance?
Umbrella insurance is an optional form of insurance that goes beyond the usual limitations of standard insurance products, like auto and homeowners insurance.
While these insurance policies offer coverage up to a specific amount for certain events, umbrella insurance can provide additional coverage of $1 million or more, giving policyholders far more liability coverage than they’d normally have. This is especially valuable when a policyholder experiences an unexpected event for which they could face high-value liability claims against them, resulting in the potential loss of their prized assets if they can’t afford to pay all costs.
How Chubb Umbrella Insurance Works
A Chubb umbrella policy works with your existing car insurance or homeowners insurance through Chubb, so you must have one or the other to qualify for a policy. If you ever have an accident that results in a claim against your auto or home insurance, your umbrella policy can take over when your coverage limits have been exhausted from your other policies.
Chubb Minimum Insurance Requirements
| Insurance Type | Minimum Requirements |
|---|---|
| Home Insurance | $300k liability coverage |
| Auto Insurance Option 1 | $250k bodily injury liability per person, $500k per accident, $100k property damage liability per accident |
| Auto Insurance Option 2 | $300k bodily injury liability per person and per accident, $100k property damage liability per accident |
| Auto Insurance Option 3 | $300k combined single limit |
Unlike other umbrella policy companies that usually provide coverage up to $10 million, Chubb Insurance Company allows you to get a policy worth up to $100 million, making it an excellent option for anyone looking for the highest amount of general liability protection. However, you’re able to adjust your policy to fit your coverage needs and budget, and you can get several quotes based on different coverage amounts when you contact Chubb for a quote.
Chubb Umbrella Insurance Coverage and Limitations
Your Chubb umbrella policy offers the typical coverages you’d expect from an insurance company, like protecting you if someone were to get hurt on your property and extending protection to you even if you travel somewhere else. You’ll also get assistance with any legal costs extending from eligible claims against you.
However, your insurance coverage also comes with some exclusions, meaning that you can’t use your umbrella coverage for claims involving any named exclusions. For example, your umbrella policy won’t cover any professional liability claims stemming from a business you might own, nor will it extend coverage for events falling under the definitions of war or terrorism.
How Much Does Chubb Umbrella Insurance Cost?
Depending on your level of umbrella coverage, a Chubb umbrella policy can cost, on average, between $300 and $1,000+ per year, with the higher premiums reserved for high-value coverage.
Your location, risk profile, auto and home insurance coverage limits, credit score, claims history, and other factors can affect how much your premium is. Generally, having better coverage for your connected vehicle or home can decrease your umbrella policy coverage with Chubb.
Average Costs of Chubb Umbrella Insurance Policies
| Coverage Amount | Estimated Annual Cost |
|---|---|
| $1 million | $300 – $600 |
| $5 million | $600 – $1,000 |
| $10 million | $1,000 – $1,500 |
| $50 million | $2,000 – $5,000 |
| $100 million | $5,000+ |
Reducing the amount of umbrella coverage you have can also make a significant difference in how much you pay, but it’s important to remember that lowering your coverage also puts you more at risk if you do have to file a claim. Try to balance your premium amount with the highest amount of coverage you can reasonably afford.
When contacting Chubb for a quote, be sure to mention that you’d like a few pricing options that include different umbrella coverage limits so you can choose the right option for your budget.
How To Get Started
Chubb does not offer online quotes for its insurance products, so you’ll need to get in touch with a Chubb insurance agent to get a quote or sign up for a plan. If you already have other insurance coverage through Chubb, you can use your current agent for a quote.
To find an agent, use the agent locator on Chubb’s website. Then, enter your location to find the nearest independent agent who can help you through the quote process. If you need to move your other insurance coverages to Chubb, the agent can also provide you with a home or auto insurance quote.
How To Submit a Claim
The easiest way to submit a claim through Chubb is to work with your independent agent, who can guide you through the process. However, Chubb also provides phone numbers, email addresses, and mailing addresses for policyholders to get assistance with claims. If your claim stems from an auto accident, you can also report the claim online.
For general help with submitting a claim to Chubb, call 1-800-252-4670 or email [email protected]. To submit documentation regarding your claim, send mail to Chubb North America Claims, P.O. Box 5122, Scranton, PA 18505-0554.
How To Cancel a Chubb Umbrella Policy
If you choose to cancel your umbrella personal insurance with Chubb, log into your online account to request a cancellation. You can also speak with your independent agent to cancel your policy at your request. In most cases, your policy cancellation will take effect in 3-5 business days, but only if you don’t have any pending claims.
Customer Service Contact Info
The primary way to get assistance with a Chubb policy or sign up for one is to contact your independent agent directly. However, if you have general questions about the company or your policy, you can fill out an online contact form to contact customer service. Chubb is also available on Facebook, X, formerly known as Twitter, LinkedIn, and Instagram.
Is a Chubb Umbrella Policy Worth It?
If you need umbrella coverage up to $100 million to protect your high-value assets, then a Chubb umbrella policy may be one of the best choices for you, as it exceeds what many other insurance companies offer in terms of umbrella coverage. However, you should remember that you’ll also need to have your auto or home insurance policy with Chubb to sign up for umbrella insurance, which limits your ability to shop around for the best quotes for each type of insurance coverage.
Another point to consider is that Chubb works heavily with agents, so there’s no online quoting process to check pricing for yourself before contacting Chubb or an agent. If you’re someone who prefers handling your policy yourself without an agent, Chubb may not be a good fit.
To make sure Chubb is the right choice for you, start with a quote from a Chubb insurance agent, who can give you quotes for any insurance you’re thinking of moving to Chubb in addition to your umbrella insurance, like boat insurance, motorcycle insurance, condo insurance, or RV insurance.
