Chubb Personal and Excess Flood Insurance Coverage

Chubb Personal and Excess Flood Insurance Coverage

Chubb has been providing personal flood insurance coverage for homeowners since 1882 and is proud to offer our personal and excess flood insurance coverage for affluent, high-end homeowners. Your beautiful home is not only one of your most important investments, it is most likely one of your most prized possession, and you need to make sure it is fully protected against any and all kinds of damage that may occur, which especially includes flood damage.

Living in coastal areas with beautiful weather and wonderful beaches, or living on or near lakes or rivers, is a homeowner's dream come true. However, the same amazing weather and waterfronts that people move to these areas to enjoy can also become a homeowner's worst enemy, and their biggest nightmare, so the need for adequate flood insurance is obvious.

According to the federal website, floods are the most common and costly natural disaster in the United States, and cause more than $2 billion worth of property damage each year. If you live in or near one of these coastal, lakefront, or riverfront areas, you are more than likely in a high-risk flood zone, which means you are especially vulnerable.

However, just because you don't live directly on the water does not mean you aren't susceptible to flood damage. Flooding can occur in any area that water is present or can accumulate, such as near lakes, rivers or streams, the base of mountains, or even in your own backyard where flooding can occur and water can then flood your basement.

Your Homeowners Insurance Policies Do Not Provide Flood Insurance Coverage

The important thing to know here is your homeowners insurance policy typically does not include flood insurance coverage of any kind, and therefore will not cover any kind of damage from flooding. A separate, standalone flood insurance policy must typically be written to protect your home in the event of a loss due to flood damage. This base flood insurance coverage can typically be obtained through the National Flood Insurance Program, or NFIP. Under the NFIP, single-family homes or other types of residential dwellings are covered up to $250,000 for the building, and $100,000 each for contents. Non-residential buildings are covered up to $500,000 for both the building and contents each.

When Do I Need Flood Insurance?

There are several different scenarios in which you would need to secure flood insurance coverage for your home and its contents.

If you are a homeowner with a federally insured mortgage and you live in a high-risk flood zone, you will be required by your mortgage company to carry flood insurance in order to secure the mortgage. Also, any homeowner that lives in a high-risk flood zone, and has previously received federal disaster assistance due to flooding, is required to secure and maintain flood insurance until the disaster assistance loan is paid off. This is very important to note, because if a homeowner has received federal disaster assistance and does not secure flood insurance and another flood damages their property, their second request for federal assistance could be denied on those grounds.

When Do I Need Excess Flood Insurance?

Homeowners with high-end, million-dollar and multi-million dollar homes, located in high-risk flood areas, need to obtain additional flood insurance to make up the difference between where the coverage cuts off, and the excess amount of actual damage from flooding. Chubb offers an extensive line of Personal and Excess flood insurance coverage for affluent, high-end homeowners to make sure your valuable home and its contents are covered.

Chubb Personal Flood Insurance

A Chubb Personal Flood Insurance Plan can provide you and your family with up to $15 million in total property coverage for your home and its contents in the event of a flood. The Chubb Personal Flood Insurance works in conjunction with your existing homeowners insurance and whatever coverage you have through the NFIP.

Take a look at some of the major advantages to choosing Chubb for your excess flood insurance needs.

Better Flood Coverage Terms

One of the biggest advantages of the Chubb Personal Flood Insurance Plan vs other excess coverage plans, is the more individual coverage area defined under the term "flood". Other companies use the NFIB requirement that a flood must cover at least 2 acres, or two or more properties, one which has to be your insured property, in order to qualify for coverage.

Your Chubb Personal Flood Insurance Plan will cover any flood damage limited to your insured property alone. In other words, if only your home is damaged in a flood, you are completely covered for loss, whereas with other policies you would not be.

Better Replacement Coverage For Damage Property

Another advantage to the Chubb Personal Flood Insurance Plan is that in the event of a covered loss, the excess insurance covers full replacement costs of the home, any permanent structures, condos or co-ops, and all contents with no depreciation, up to the policy limit. This is in stark contrast to other policies which use the NFIP valuation criteria, which deducts for depreciation of secondary residences and also depreciates replacement value of your home's contents.

Coverage For Additional Living Expenses

Your Chubb Excess Flood Insurance also includes coverage for related out-of-pocket expenses such as meals, lodging, and the market rental value of your home, if it is not habitable because of covered excess flood damage.

Coverage For Precious Possessions

For an additional premium, Chubb also offers higher limits of coverage for special possessions such as art, jewelry, collectibles, furs, and other precious possessions. If you are high-end, luxury homeowner, or you represent a high-end, luxury homeowner and you would like to find out more about how PCI and Chubb can provide Excess flood insurance coverage for your home, please call us at 301-245-0130 to schedule an appointment to talk to one of our representatives. We look forward to hearing from you!