Chubb Claims Adjusters deliver a claims experience that gets you and your family back on your feet quickly. Disclaimer: This information is descriptive only. All products may not be available in all jurisdictions.
Coverage is subject to the language of the policies as issued. If you live on the coast, or near a lake or river, the need for flood protection may seem obvious. If you have a finished basement that serves as a home theater, billiard room or other purpose, Chubb offers added protection in this damage-prone area where others may not. Chubb will pay to replace your property and possessions up to the limit on your policy without deduction for depreciation, in the event of a covered loss. Higher limits are available for an additional premium.
Chubb Flood Protection
Chubb Tips. Flood insurance can cover a structure or its contents or both. As a homeowner, you may want to purchase both structural and contents coverage, but as a renter, you can buy just contents coverage since you are not responsible for insuring the structure. While standard flood insurance rates are set by the government, premiums vary depending on the potential for flooding in your area, the year the structure was built, the amount of coverage you purchase, and the amount of your deductible.
There is a day waiting period before a new flood insurance policy or an increase in a policy takes effect.
So it's not possible, for instance, to obtain flood insurance coverage the day before a hurricane strikes. There are some exceptions to the waiting period, for example, when you purchase a new home or refinance your home and the mortgagee requires flood insurance.
Some people believe they don't need flood insurance because, should they experience flood damage, they can count on federal government assistance. This is a misconception. Federal assistance is available for flood damage only when the President issues a major disaster declaration.
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And, even then, disaster assistance is limited-less than half of all floods qualify for such assistance. We'd be happy to help you evaluate your situation.
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