Here's how a home appraisal can offer additional benefits to you as a homeowner:
- Estimate the cost to rebuild your home before a loss occurs: Unlike some insurers that use a formula based on the number of bedrooms and baths to calculate a home’s value, Chubb bases the replacement cost on the size and quality of finishes found in the home. Using the information gathered during an in-home visit and incorporating the knowledge and experience Chubb has gained through thousands of interviews with building contractors each year, a Risk Consultant will estimate the replacement cost for your home.
- Distinguish replacement cost from market value: The replacement cost is the price to repair or rebuild your home if it is severely damaged. This is often very different from the market value of your home (the price at which it may sell), which includes external factors such as quality of the local school system and popularity of the neighborhood. Estimating the replacement cost can help you select the right amount of coverage for your home.
- Identify ways to save money on your insurance: Chubb provides numerous premium credits (policy discounts) to encourage homeowners to better protect their homes and possessions. Our Risk Consultants may identify safety measures within your home that could qualify you for premium credits.
- Create a report to help in the event of a loss: Chubb recognizes that every home is unique. A Risk Consultant will create a detailed report of your home that can serve as an important record if you have to make an insurance claim.
A wealth of experience working for you
Appraising luxury homes for more than 25 years, Chubb's Risk Consulting team is the largest and most experienced in the personal insurance industry. Our Risk Consultants visit more than 65,000 homes worldwide each year and are highly trained in all aspects of fine residential construction, from foundations and framing to specialized finishes. Likewise, they possess a unique understanding of local construction and building costs. With backgrounds ranging from architectural design, historic preservation, interior design and fine arts, our Risk Consultants bring a wealth of experience to work for you.
Contrary to popular belief, when home market values lag, construction costs typically remain strong. It is important to make sure our home is covered for its replacement (rebuild) value and not its market value.
Disclaimer: This information is advisory in nature. No liability is assumed by reason of the information in this document.