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Chubb Home Insurance Review

Chubb Home Insurance is designed for the owners of fine homes and valuable contents, providing a level of peace of mind and security that's not easy to find elsewhere.

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Chubb Home Insurance is marketed as a premium policy offering cover for things like full rebuild costs, cover for precious metals of up to $100,000 and worldwide cover for accidental loss and damage on your contents.

Chubb Home Insurance cover options

Chubb Masterpiece Home Insurance offers the following coverage options to Australian customers:

Deluxe House Coverage

This portion of Chubb’s masterpiece policy provides cover against physical loss or damage to your house.
When your house experiences loss or damage due to an insured event, Chubb will cover the resulting costs for events including:

  • Fire
  • Storm
  • Lightning
  • Explosion
  • Impact
  • Full cost to rebuild your home
  • Emergency clothing and essential purchases
  • Landscaping costs
  • Removal of debris.

Deluxe Contents Coverage

When your contents suffer physical loss or damage anywhere in the world, your Chubb Home Insurance policy provides the financial protection you need.
Your contents are covered against loss or damage anywhere in the world under a Chubb Masterpiece policy. When insured events - for example theft or fire - lead to you suffering a loss, Chubb Home Insurance covers the cost of repairing or replacing your valued possessions. Everything from clothing and appliances to antiques and even sports equipment is covered, with no need to worry about deduction or depreciation.

Valuable Articles Coverage

This section of coverage is designed for those who own expensive items, which in some cases may even be worth more than the house itself. Chubb Home Insurance provides protection against loss and damage to fine art, jewellery, silverware and more.
For policyholders who happen to own a collection of expensive valuables, Valuable Articles Coverage ensures that you will not be left out of pocket if those items suffer loss or damage. This includes cover for items such as fine art, jewellery, silverware, wine and other collectables, allowing customers to protect the true value of their items.

Family Protection Coverage

This automatic policy inclusion provides cover for the costs associated with your family’s recovery from crimes such as carjacking, home invasion and more.
Under this section of the policy, you and your family members are covered anywhere in the world. When you or a family member are a victim of a specified crime such as:

  • Hijacking
  • Carjacking
  • Home invasion
  • Child abduction
  • Stalking
  • Home invasion
  • Road rage
  • Costs for counselling, rest and recuperation
  • Lost salary
  • Related accommodation costs
  • Security expenses
  • Physical damage.

In short, Chubb Masterpiece Home Insurance offers a comprehensive level of home and content coverage to customers who have significant assets to protect. It offers high limits, such as jewellery cover of up to $50,000 (going as high as $25,000 per item) and precious metal cover of up to $100,000.

Other features include complimentary appraisals for insured homes, extended replacement cost coverage, your choice of craftsmen to rebuild your home, and worldwide cover for accidental loss or damage to your possessions.

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Exclusions

There are certain circumstances under which your claim will not be paid by Chubb home insurance, such as if:
  • It is caused by wear and tear, gradual deterioration, rust or corrosion
  • It results from fungus or mould
  • It is for inherent vice, latent defect or mechanical breakdown which you were (or should have been) aware of
  • It results from the seepage, release or discharge of pollutants
  • It is caused by vermin, insects or rodents
  • It is caused by structural movement such as settling, shrinking or expansion
  • It is caused by flood or the action of the sea. However, tsunami damage is covered
  • It results from freezing damage to outdoor structures
  • It is a result of your failure to take all reasonable steps to protect your property from loss or damage
  • It is caused by an intentional act by you, a family member or another specific person named in your policy schedule
  • It results from faulty planning, construction or maintenance
  • It is caused by acts of war, revolution or rebellion
  • It results from a volcanic eruption, landslide, mud flow or the sinking or rising of land
  • It is caused by nuclear reaction, radiation or biological or chemical contamination
  • It is for the loss of a tenant's property
  • It is for the loss of business furnishings and supplies
  • It is for loss to a motorised land vehicle
  • It is for loss caused by air dampness or temperature extremes
  • It is for the confiscation, destruction or seizure of property by a government authority
  • The loss is caused by stealing, theft or misappropriation by a family member or someone else named in the policy schedule

How Much Does Chubb Home Insurance Cost?

The amount you will have to pay for Chubb Home Insurance is determined by your premium and any government taxes and charges. There are a number of factors that can influence your premium amount, including:

  • The construction of your home. Certain materials may be more prone to suffering damage.
  • Where your property is located. You may live in a high-crime area or a region prone to severe storms.
  • The sum insured. The higher the amount you wish to insure, the more you’ll have to pay for cover.
  • Your claims history. This will affect the risk you are seen as posing to the insurer.
  • Security at the location. Alarm systems and security measures can help reduce the risk of you becoming a victim of theft or burglary.
  • The age and condition of the property. This will obviously influence how likely the property is to suffer loss or damage.

Are there any ways I can pay less for my insurance?

There are a number of different options for securing cheaper home cover, including:

  • Multi-policy discounts. Taking out more than one policy with Chubb Home Insurance could entitle you to a discount on your cover.
  • Valuable Articles Coverage. If you purchase Valuable Articles Coverage you could receive a discount on your Home Insurance.
  • Install a burglar alarm or fire alarm. The safer your home, the less you'll pay for your premiums.
  • Where you live. If you live in a gated community with a security patrol service, you'll pay less than someone who lives in an area with a high crime rate.
  • Is your home weather resistant? Install a storm shutter or lightning protection system.

I'm ready to buy cover

Chubb Home Insurance aims to make its claims process as quick and straightforward as possible for customers. To make a claim, contact Chubb Home Insurance as soon as possible through your closest office. Alternatively, your financial services provider can lodge a claim on your behalf. Please note that if you want Chubb Home Insurance to cover the cost of repairs or payment to third parties, you’ll need to inform the insurer of them beforehand and confirm that Chubb Home Insurance has accepted your claim.

How do Chubb Home Insurance complaints measure up against some competitors?

We looked at home insurance complaint data from the Australian Financial Complaints Authority (AFCA) between July 2022 and June 2023. The data breaks down different underwriters and compares their business size to the number of complaints processed.

When comparing insurers, keep in mind that insurers with a larger market share serve more customers, so can potentially get more complaints.

Here's an overview of how Chubb (Chubb Insurance Australia Limited) did:

  • Chubb received only 78 complaints during this period.
    • Overall, only 11.54% of its complaints were resolved directly with customers which is comparatively low versus brands such as Guild (19.05%) and RAA (31.87%)

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