Do you have auto with Chubb as well?UALflyer wrote: ↑Mon Jul 27, 2020 10:32 amIt all sounds much fancier than it ends up being in practice. As I mentioned above, a huge number of folks end up with HNW carriers because the rebuild cost of their primary residence ends up exceeding $1MM (that's the general threshold for HNW carriers in most states).oldfort wrote: ↑Mon Jul 27, 2020 10:14 amProbably not at the HNW insurers. In this Chubb presentation, this is how they describe their target market.
Personal Risk Services Client is the successful, family or individual with significant assets:
• Home value > $750,000 [And I assume this is the rebuild cost]
• Multiple homes
• Personal Collections
• High valued automobiles
• High Personal Excess Liability
https://myagency.networkedins.com/Forms ... tation.pdf
For what it's worth, I am currently with Chubb, do not have any exotic possessions, and my overall premiums are less than 50% of what Amica would've charged for a lot less coverage.
There are quite a few higher end mass market carriers that will insure multiple homes with $1m rebuild for reasonable premiums (Amica comes to mind). A lot is dependent on where you live. If you are in an area where a particular insurer has paid a ton in losses (hurricane, fire, hail storm, wind storm, etc) then premiums will be higher for them. There are a LOT of older homes in the NE, especially coastal areas, that have at least $1m rebuild costs, and I can promise you not every home is insured by a HNW carrier.
My agent (who will write for the HNW carriers) generally won't even bother quoting Chubb/PURE/Nationwide PC because their auto and umbrella premiums have become so outrageous in my area that it wipes out any savings you see on a high value home. They will quote these carriers if you have a need for special coverages (i.e. drive a Ferrari or other $250k exotic, need a $25m umbrella, have a large, expensive art collection, or own a second home in an area where the HNW carriers are cheaper). Otherwise, the higher end mass market carriers are generally more competitive. Again, it is all location dependent, but these threads are filled with people who think they need a HNW policy and then complain about how much they pay.
Would I get an Allstate or Geico policy for a $2m beach home? Not a chance. But there are plenty of other higher end carriers (Amica, USAA, Auto Owners, etc.) that are head and shoulders above the typical TV insurance companies but not as expensive as Chubb/Pure/etc.