I spent quite a bit of time today talking with an insurance broker. Home owners insurance for "very expensive houses" is truely quite expensive.
Chub and Atlantic Mutual are two of the players commonly considered.
Typical deductibles start at $5,000.
Overall premiums are about $3,000 for the year. Overall at least 25% more expensive than my NC house (which also includes a very expensive wind insurance policy). On the other hand, my Chicago house does cost twice as much.
Both players want you to insure your automobiles with them as well. Atlantic gives a 10% deductible.
Both companies are allegedly much more flexible when it comes to claims.
One thing for sure is the amount of default (included) coverages are much more generous. Usually $5,000 - $10,000 for jewelry. $5,000 for furs, etc.... Very impressive differences.
Both companies have great reputations, but Chubb is the gold standard for higher end properties.
I'm still trying to resolve the flood claim from several years ago -- it's with one of the main line carriers. I have a feeling Chubb would have been much better.
A friend of mine is a claims manager for an insurance company. He's offered to help me package and finish the claims submission. I'm quite excited.
Regards, makingourway
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3 comments:
Thank you. Very interesting chart, I wonder why Chubb and Mid Atlantic Mutual were not listed - both very highly regarded, though more toward high end.
Regards,
m
R.I.P.
You can save money by buying a term life insurance policy in lieu of the mortgage insurance offered by the lender. Term life also gives you financial control of naming the beneficiary, instead of having the lender automatically named. Term life does not decrease in value; most mortgage insurance offered by the lender only covers the current balance owing.
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