Chubb Offers Homeowners Unlimited Replacement Cost Coverage
Rebuild your home no matter what the cost, even due to rapid excalation in construction costs following a catastrophe.
DALLAS, May 21, 2008 - The Chubb Group of Insurance Companies has broadened its homeowners coverage in Texas by introducing unlimited extended replacement cost coverage. In the event of a total covered loss, Chubb can pay to fully rebuild or repair a home even when the rebuilding costs exceed the customer’s policy limit.
Most homeowners policies will pay only up to the policy amount, whether or not that is enough to cover rebuilding costs. Chubb’s extended replacement cost coverage amount in Texas had been capped at 50% above the policy’s limit for the dwelling prior to becoming unlimited.
For covered losses, Chubb now also provides Texas homeowners and condominium owners with unlimited coverage for debris removal, rebuilding to code, and loss of use, which pays for the costs of living elsewhere while a home is being reconstructed or repaired. Along with these changes, Chubb has introduced numerous other coverage enhancements in Texas.
“In the current economic environment, our homeowners customers are protected from underinsurance that may result from a rapid escalation in construction costs, especially following a catastrophe,” said Heather Evans, vice president of Chubb & Son and regional manager in Texas for Chubb Personal Insurance. “Chubb has taken its solid offering of coverage, backed by superior appraisal and claim services, and raised the bar to a new level. These enhancements will enable us to remain the insurer of choice for discriminating homeowners. We’re proud to offer unlimited extended replacement cost coverage in Texas, as well as in 40 other states and the District of Columbia.”
The member insurers of the Chubb Group of Insurance Companies form a multi-billion dollar organization providing property and casualty insurance for personal and commercial customers through 8,500 independent brokers worldwide. Chubb is a worldwide leader in insuring fine homes, automobiles, yachts, antiques, and other collectibles, and personal liability. For additional information on Chubb Homeowners