Chubb Insurance Archives - Co-Op Insurance

Common Insurance Claims for Renters, Condo/Co-Op Owners and Those With Chubb Insurance

Having insurance makes it easier to sleep at night when you know your possessions and financial future are protected. But the idea of having to actually make a claim might give you nightmares.

The best way to protect yourself when making a claim is to understand not just the process but the protection you have before you have to use it. Stick around to learn more about common insurance claims, including those that are common with certain policies.

What is an insurance claim?

If you’ve never had to make an insurance claim, consider yourself lucky. Whenever you have loss or sustain damage caused by a peril, you can make a claim to your insurance company, and be financially compensated for your loss. This is why it’s important to not just have insurance, but fully understand what it covers and if there are any limitations or exclusions to your coverage.

Making a claim isn’t difficult but there are several steps involved. If you’re working with an experienced broker, the process should be painless as they walk you through it. We’ve seen our share of claims and wanted to go over some of the most common, by policy type, so that you can be better prepared if you find yourself making a similar claim one day.

Common Renters Insurance Claims

Renters insurance is a must for renters, as a landlord’s policy will only cover the structure of the building and not the items in your apartment. Consider the following common claims when trying to decide if it’s worth it (hint: it is!)

Fire

We know that you’re responsible and rocking out this thing called life, but we can’t say the same for your neighbor. If they leave a candle burning that causes a fire in their unit, which then spreads into yours while you’re out having dinner, the loss of your items can be financially devastating. With renters insurance, your items are replaced based on the type of policy you’ve chosen, helping you get back on your feet.

Theft

Renters insurance can cover you from theft in two ways. The first way applies to theft that takes place in your home. If your apartment is broken into and the thief helps themselves to a few of your things, they’ll be replaced. But it can also cover you while you travel. If you’re out of town on a long weekend and someone snatches your suitcase while you’re checking into your hotel, the items inside would be covered. However, your policy may not include protection during travel automatically. You may need to add on an endorsement to ensure you’re covered.

Water damage

We see this claim quite a bit so it’s important to note that there are limitations when it comes to water damage. You will be covered if water damage is caused by a burst pipe. But if you want to be protected from a sewer backup or sump pump failure, you’ll need to speak to your insurance agent about adding an endorsement to your policy. Finally, flooding is a separate policy all together. If you live in a flood zone, speak to your agent about your coverage options.

Common Co-op Insurance Claims

We find that common co-op claims are similar to renters insurance claims but here are some you may come across if you’re a co-op unit owner.

Personal liability

This is a big one that many don’t realize is part of their co-op insurance. If someone is injured in your co-op from a simple accident like tripping on a rug or falling over a chair, their medical bills become your responsibility. Co-op insurance has a cap with this type of coverage, depending on the amount you’ve chosen. Speak with your insurance agent if you’re not clear on your personal liability coverage caps.

Also, should that best friend of yours decide to sue you for lost wages or emotional distress due to their injury, co-op insurance covers litigation costs until your cap is reached.

Another person’s property

You’re normally not clumsy but you have your days. Imagine your friend is over and they brought their new laptop. You’re enjoying its features and impressive resolution when you suddenly knock over your glass of wine onto the keyboard. You try and mop it up, but you know it’s too late. The damage is done. Co-op insurance will save your friendship by covering the laptop.

Additional living expenses

Here’s another claim that many are unaware of. If your co-op becomes uninhabitable, either due to a fire or other covered incident, and you need to relocate to a hotel or family member’s house out of state, your coverage will reimburse you for your traveling, food, and other expenses.

What most don’t think about is that even though their co-op will be rebuilt with their landlord’s insurance policy and their items will be replaced by their co-op insurance policy, they could be left with extra bills due to dislocation. Having this added peace of mind will ensure a disaster doesn’t throw you off track.

Common Chubb Insurance Claims

Chubb Insurance is for high-end valuables. It provides added protection a standard policy can’t due to coverage caps and limitations. Here are some common Chubb Insurance claims you may find yourself making.

Jewelry

Most standard renters insurance policies cover jewelry but only up to a certain dollar amount. Therefore, a Chubb insurance policy is ideal for anyone with a healthy jewelry collection. Provide them with all the information about your pieces, such as cut, carat weight, materials, and cost, and they will be 100% covered.

For example, if your 2-carat engagement ring falls down the drain or slips off while window shopping on Fifth Avenue, a Chubb policy will cover it.

Art

If you own a truly one of a kind piece of art, having extra protection is a must. If a fire damages your Andy Warhol original, knowing that it will be compensated will allow you to display it with pride and confidence.

Antiques

Most antiques are simply irreplaceable, and their monetary value can be through the roof. So, if your antique dining table is lost in a covered incident or your great-great grandfather’s pocket watch is stolen, knowing that they will be compensated for is reassuring.

Collectibles

Whether you collect vintage coins, expensive bottles of wine, or classic automobiles, insuring your collection is a must. Chubb offers two ways to do this. You can either go with a blanket policy that protects the full collection or insure each individual piece. You can also use a combination of the two types for superior protection.

As you can see, there are a variety of policies out there and plenty of claims that you could find yourself making. Whether you rent an apartment or co-op or own unique and valuable items, insurance is simply a must. Taking the time to secure coverage today will provide you with a calmer tomorrow.

May 2, 2018/0 Comments/by Trent Warner

Can Chubb Insurance Provide Collectible Protection? 3 Policies You Should Know

Chubb Insurance

Insurance is serious business. It becomes even more serious when the items in need of coverage are worth a substantial amount of money. Collectible protection requires diligence as you sort through your options. But we think we have the solution you’ve been looking for.

Are you familiar with Chubb insurance? They’ve made a name for themselves by insuring antiques, collectibles, and rare items for generations. When it comes to insuring unique and valuable items, Chubb Insurance is the only coverage we recommend.

What is Chubb Insurance?

Chubb Insurance provides supreme coverage that you won’t find elsewhere. If you own items that either aren’t covered by a standard homeowners, renters, or co-op insurance policy, or have items that exceed the coverage cap of an existing policy, Chubb Insurance is simply a must.

Chubb Insurance is committed to providing its clients with an experience that no other company can. At Co-Op Insurance, we’re able to easily spot clients who can benefit from one or more of their policies. If you would like to learn more, just reach out to one of our brokers.

Common Chubb Insurance policies and potential claims

Chubb provides a wide range of coverage and policies, including home, auto, health, and more. But what we really love about Chubb is the coverage they offer for the luxuries of life. Consider the following three policies when seeking coverage for the finer items in your personal inventory.

Art and Antiques

If your walls are adorned with priceless art, a burglary or fire would be devastating. But Chubb’s Arts and Antiques coverage is like no other. There’s no deductible to worry about and with simplified appraisal requirements, adding items to your policy is simple as you purchase new pieces.

If a fire destroys your original Pablo Picasso, there’s no way to replace it. But Chubb can ensure you’ll receive its monetary value so you can replace it with another painting from the same artist or expand your collection with a new artist.

If you’re a collector of historical or impactful pieces, protecting their value is of the utmost importance. One important policy feature to know is that Chubb’s coverage is worldwide, so if you’re traveling back home with a new piece, it’s still covered if stolen or lost along the way. Chubb also covers breakage so that even when you take extreme cautions when traveling or shipping an antique and a mistake happens, you’re covered.

Collectibles

Chubb offers two options when insuring collectibles. Either choose a blanket coverage policy for the value of the full collection or itemize each piece. You can also combine the options for even superior coverage. Most homeowner or rental policies exclude coverage for lost items. But Chubb Insurance covers them.

If a part of your silver, coin, or sports memorabilia collection goes missing during a move or suspiciously disappears after a holiday party, Chubb’s coverage automatically covers your loss.

Wine is another category that falls under Chubb’s Collectibles policy. It may seem strange to the average wine drinker, but insuring wine is serious business for a sommelier or wine collector. With some bottles of wine costing hundreds of thousands of dollars, it makes sense that they’re treated as any other valuable in your home.

Whether a bottle is stolen, lost, or broken, you’ll be reimbursed through Chubb coverage. And because Chubb has newly acquired item coverage, a bottle that breaks on the way home from purchasing it is still covered.

Jewelry

What good is your jewelry if you keep it locked up because you’re worried about it being lost or damaged? Chubb offers a policy that covers jewelry like other policies can’t. Their worldwide coverage covers most causes of loss and there’s no deductible to worry about.

If you’re on a European cruise and your wedding ring doesn’t make it back home, you can rest assured that its value will be replaced, even inflation if applicable.

No matter what it is you cherish and hold dear, Chubb can help protect it.

Is Chubb Insurance for You?

Chubb Insurance isn’t designed for everyone. That’s what makes its coverage so complete. It’s not a one size fits all approach. If we’ve suggested Chubb coverage to you and you’re not sure if you fit the mold, asking yourself the following questions should help.

Am I happy with my coverage?

Do you ever grudgingly pay your policy premium because you feel it’s a waste of resources? If you doubt the complicity of your coverage, looking into additional or completely different coverage is a step you should take.

Do I own items that aren’t common?

Most homeowners and renters purchase insurance with the mindset of covering their day to day possessions. These include furniture, clothing, and simple necessities. But if you own luxurious items, like antique rugs, fine jewelry, or art worth more than some vehicles on the road today, you qualify for advanced coverage like that provided by Chubb.

Has the value of my possessions increased?

If you’re a bargain hunter always looking for hidden treasure, you might find that your collection has increased in value tremendously. The policy that worked for you last year could be almost worthless today. If you’ve upgraded or found yourself owning one of a kind pieces almost on accident, looking into advanced coverage is the next step.

If you’re still not sure if you qualify for Chubb, ask yourself this simple question. If disaster strikes tonight, how confident would I be in tomorrow?

If you hesitate at all to answer, speak to one of our insurance brokers today to learn more about what Chubb can provide you, both in coverage and confidence.

March 27, 2018/0 Comments/by Trent Warner

Chubb Home Insurance – The Coverage You’ve Been Looking For

Chubb Insurance

You’ve worked hard. You’re successful and you’ve rewarded yourself with items that you’re proud of. But are these items fully protected?

Ensuring that your more luxurious items are protected under an insurance policy takes a little more effort, but it isn’t difficult. We work hard to partner with the best insurance carriers in the industry, which is why we work with Chubb Home Insurance Group. Chubb isn’t for everyone. But if it is the perfect insurance option for you, now is the time to learn what it can offer you in terms of coverage and peace of mind.

About Chubb Home Insurance Group

Chubb Insurance is synonymous with luxury protection. With a history spanning 130 years and a positive reputation with a rock solid foundation, they must be doing something right.

Specializing in commercial and personal property insurance for successful clients, Chubb provides coverage where other insurance companies fall short. While their coverage isn’t for everyone, those who can benefit from Chubb will quickly learn what the corporation stands for. They treat customers fairly and believe claims should be paid quickly, allowing their clients to get on with their lives after a small bump in the road.

With operations in 54 countries and territories, Chubb provides coverage nearly worldwide, including right here in New York City. Their policies are designed for individuals, families, and businesses who desire complete coverage without limitations. Their policies provide coverage for a vast number of situations and items, including jewelry, art, antiques, collectibles, and more.

Perks of having Chubb Insurance

As insurance brokers, we know there are plenty of insurance companies to choose from. This is why we work one-on-one with our clients to provide them with their perfect insurance match. We work closely with Chubb Insurance and easily recognize when a client needs the advanced coverage their policies offer.

So, what makes Chubb different? There are several factors we like to point out when asked this.

Chubb customer satisfaction ratings are higher than those of other comparable companies and customer complaints are rare.
Their policies go above and beyond. For example, their home policies include identity theft and monitoring services.
Their generous coverage options and perks are almost impossible to find elsewhere.
They offer superior protection credits to those who qualify, including homes with closed-circuit 24-hour daily camera monitoring, 24-hour on-site security, water leak detection system, and more. Clients can also take advantage of Chubb’s home and content policy discounts, awarded for living in a gated community, installing fire and burglar alarms, or living in a new or renovated home.
Chubb helps clients insure jewelry, art, antiques, and collectibles that aren’t covered under a basic policy.

The last bullet is the most important to our clients. While Chubb’s superior customer service, dedication, and rave reviews can’t be argued against, what really makes them stand out from the crowd is the peace of mind they bring to their clients regarding high-valued items.

What good is insurance if it doesn’t cover everything you need it to? With a standard policy, you might find yourself surprised, should you ever have to make a claim, that your possessions are only reimbursed up to a certain amount or percentage, leaving you with a bill you weren’t expecting.

When it comes to protecting your valuables, Chubb provides the additional coverage you need.

With other policies, fragile antiques or collectibles are difficult to insure. Chubb polices specifically cover fragile items. If an item of yours cracks or breaks, you’re covered with Chubb.
If you’ve ran into problems with a different company for not keeping them updated on new purchases, you’ll love Chubb’s newly acquired item coverage. Chubb is exactly what you need. If you’ve already provided them with an itemized list of jewelry, for example, any new purchases are automatically covered for up to 90 days.
Chubb also protects you from monetary loss due to inflation. If a lost or stolen item covered under your policy meets specific qualifications, you can be reimbursed for up to 150% of the amount itemized on your policy to account for inflation.

5 signs you need Chubb insurance

Wondering if Chubb is something you should investigate further? Here are five signs that it’s time you talk to your insurance broker about Chubb.

You have concerns about your current coverage.

We’re sure you’ve already taken some steps to protect your luxury items. But is it enough? If you’ve ever wondered about a specific item in your home being fully covered, this is a sign your policy might not match your needs. You should never worry when you have insurance. If you’re not 100% confident in your current coverage, speak with your insurance broker to discuss your options. Chubb could be the answer.

You own several high-end luxury items.

You enjoy filling your home with sturdy furniture, inspiring décor, and one of a kind pieces. But these items come at a price. If the items you own are worth a small fortune, a standard policy will not come close to reimbursing you for these should the unthinkable happen.

You own appraised items with sentimental value.

Were family items passed down to you? Maybe you received your grandmother’s antique silverware collection or an original painting that’s been in the family for generations. If something were to happen to these items, there’s no way to replace the connection they once served. But you can at least take comfort that you will be financially reimbursed with Chubb.

You own items that have appreciated significantly.

Did you buy something at a garage sale that turned out to be worth thousands more than you paid? Maybe you found an old chest in the attic of your home filled with collectible antiques. Either way, the amount your possessions are worth have increased significantly. It’s time to update your coverage with Chubb.

You want full coverage at a fair price.

This is a simple sign that Chubb is right for you. The coverage they offer does come with a higher price tag than a standard policy. But the peace of mind you receive in return is priceless. Speaking with an insurance broker can guarantee that all your high-end valuables will be covered to the extreme, no matter what happens.

To summarize, if there is any doubt in your mind regarding the safety of your possessions or any curiosity sparked by Chubb Insurance policies, taking the time to learn more about their coverage isn’t something you should put off.

Chubb isn’t for everyone. But if it is for you, you shouldn’t spend another day without the supreme coverage and protection it offers, because you never know what could happen tonight.