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ACE Limited Home Insurance Review

ACE Limited Home Insurance Review

ACE Limited Home Insurance Review

ACE Limited began back in 1985 as a group primarily set up for wealthy clientele in commercial property-casualty and personal insurance, growing to acquire Chubb at nearly $30 billion which greatly increased their capacity as among the largest insurance carriers worldwide. As Chubb, they provide coverage for accident, health, commercial, specialized liability, auto, and home insurance for high-end clients. A lot of their services are designed to be provided in bundle plans.  ACE/Chubb will look at your needs and the current plans and give you the most appropriate bundled coverage option.

ACE/Chubb’s financial strength is deemed as ‘Superior’ as rated with agencies:

  • Moody’s
  • A.M. Best
  • Fitch
  • Standard & Poor’s

Superior financial strength is crucial because it gives an indication as to how capable an insurer will be at paying out claims for their policyholders. All of these agencies give ACE/Chubb an A or higher ranking for both future stability and strength financially.

The ACE Group Home Insurance (Chubb) 

ACE homeowners insurance/Chubb (Masterpiece) is made to protect higher value homes and they also provide coverage for condos and renters in addition to the detached houses. ACE/Chubb is aware that most homeowners policies with traditional insurers are basically the same and they wanted to offer more to their clients by way of added value in the details.

The ACE/Chubb homeowners masterpiece policies offer features that won’t be found in most traditional policies from competing insurers along with benefits that target homeowners of more costly homes. Key features include:

  • Valuables – The Valuable Articles plan will cover high-value possessions including collectibles, jewelry, art. This plan is made for things that go above the coverage of a standard homeowners policy.
  • Replacement – Extended rebuild cost. After the damage that has been reimbursed as part of your standard policy, ACE/Chubb pays to repair or rebuild your house to the specs original for the home and that meet modern building code even if the amount goes above your plan limit. This coverage does cap within some states.
  • Settlement – If you decide that you don’t want to rebuild after a complete loss, or you want to rebuild in a different location, ACE/Chubb will give you cash upwards of the amount of the plan. Most traditional policies will only cover rebuild costs.
  • Appraisal – For home appraisals, ACE/Chubb will visit the home, evaluate for replacement cost, suggest an amount of coverage as well as offer safety and security tips.
  • Replacement – ACE/Chubb will insure your possessions for an amount that it would take to replace them as of today up to your plan’s limit or you can take a cash settlement.
  • Excess liability – ACE/Chubb provides excess liability with coverage for upwards of $50 million which goes far beyond the standard umbrella.  

Riders 

ACE/Chubb doesn’t offer riders. They do add many unique items with their plans that will come standard which you wouldn’t get with most homeowners insurance plans unless you paid extra for a rider.

  • Fraud insurance
  • Identity theft insurance
  • Kidnapping/ransom insurance
  • Signature Suite
  • Cyber protection
  • Property manager

Natural Disasters

ACE/Chubb offers policies to cover natural disasters in addition to their homeowners policies.

  • Flood – Personal and Excess Flood offers elevated limits for the higher value homes. ACE/Chubb can give up to $15 million of total property cover for homes and contents. They will replace property and belongings up to the limit on the plan without deducting for depreciation and offer upwards of $7,500 for temporary accommodations, meals, as well as other expenses incurred. Up to $5,000 of coverage is built into the plan for expenses to aid in protecting your house from flood damage and to relocate your things when a flood warning is indicated.
  • Earthquake – The coverage for earthquakes varies for every state and may not be available for each one. Have to contact the agency in your area to find out if they offer it. There was no specific information available.
  • Hurricane – Most of ACE/Chubb homeowners plans include ‘all-risk’ coverage where physical damage caused by windstorm or a hurricane may be a loss that is covered. With ACE/Chubb they offer ‘property manager’ which gives you assistance if your holiday home becomes damaged by hurricane winds with no extra charge.

Homeowners Coverage and Claims

ACE/Chubb sells all of their policies through independent agents and does no online quotes. This will likely make the premiums go up slightly. They pride themselves, however, on being focused more on providing the best coverage as well as superior service and not so much on being for the budget-conscious.

The claims reporting number is directly located on their website, on their claims page there is a contact number, 1 800 CLAIMS 0 for homeowners. There is also an easy-to-use online option for claims reporting or you can simply report through the local agent/broker. ACE/Chubb boasts that they will respond to property claims reporting within 6 hours and automated updates are generated as the claim progresses. Within 48 hours of the final determination, settlements are paid per their website.

Reviews

All of the reviews from the consumers who deal with ACE/Chubb were positive with everyone agreeing that they were fast and efficient in approving claims. They felt that ACE/Chubb comes through when needed for home repairs. ACE/Chubb is boasted as doing everything the right way the first time with accuracy and attention to detail. The company is touted as giving prompt, professional service with remittance being paid very quickly. The overall consensus is that they are second to none and they would be highly recommended. 

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