Chubb Enhances Texas Platinum Homeowners Program

The Chubb Group of Insurance Companies reported it enhanced its Platinum homeowners insurance program by offering more deductible options, new superior home protection credits and additional coverage.

“Chubb is countering a trend in Texas to provide less coverage for more money,” said Heather Evans, Chubb regional personal lines manager. “Our new Platinum enhancements offer homeowners more coverage, more options and more credits to fit their risk and budget needs.”

In the past, Platinum homeowners insurance customers could select a deductible up to $1,000 or an amount equivalent to one-half percent of the home’s insured value. Now, they can also choose a $2,500, $5,000 or $10,000 deductible. Condominium owners have the option of a $1,000, $2,500, $5,000 or $10,000 deductible.

Chubb has increased its superior protection credit limit to 15 percent from 10 percent. Homeowners can receive a 7 percent credit for fire alarms, a 7 percent credit for burglar alarms, a 2 percent credit for a perimeter fence with an electronic gate, a 3 percent credit for a water leak alarm and a 5 percent credit for a master valve water shut-off system connected to a central station alarm.

Condominium, co-op or rental unit owners can also receive credits toward their policy premiums. These policyholders can receive a 5 percent credit if building entrances are monitored by a central station or if the building has a direct reporting burglar alarm. Another 5 percent credit is available if visitors are announced or if elevators are manned or key controlled. They can also receive a 5 percent credit if a properly maintained sprinkler system and fire alarms have been installed throughout the building.

“When Chubb’s home and condo appraisers come to assess your residence, they search for these risk-reduction measures, so policyholders can obtain the appropriate credit toward their premiums,” Evans said.

Chubb also is providing Texas customers with extra coverage for landscaping, fire department charges and assessments. The per tree coverage limit under the Platinum endorsement has increased to $5,000 from $1,000. Coverage for assessment charged by a condo association to damage to common areas has increased to $5,000 from $1,000.

The Platinum endorsement now also includes $1,000 of coverage toward a fire department charge, even as a result of a false alarm, $1,500 of money and bank notes coverage and $5,000 of bullion and valuable papers coverage.

Additional information on Chubb’s personal insurance products and services can be found on the Internet at www.chubb.com/personal.

Topics Texas Homeowners Chubb