ED Magedson – Founder
Chubb InsuranceNationwide USA
Chubb Insurance Increased premium by 35%, valued property at more than double to calculate premium. Nationwide
My home cost $299,000 in 1998 - land, dwelling, everything. Since then, value has gone as high as $592,000 (2007), but is now around $455,000. Chubb Insurance has valued our house at $725,000, contents at $362,500 (50% of dwelling), and "other structures" (there are none) at $145,000 (20% of dwelling) for a total value of $1,232,000. Neither Zillow, nor tax assessment, nor bank appraisal come anywhere close to that number, but Chubb won't budge.
Last year's premium was around $3,300. This year's over $4,400.
If you are shopping home insurance, I suggest you look elsewhere. This is not the first time they've raised our property value (the value upon which they base their premium) to ridiculously high levels.
If anyone at Chubb wants to buy my house, I'll let them have it for the bargain price of $1 million even - furnished and complete with invisible "other structures". How 'bout it, Chubb - any takers?
This report was posted on Ripoff Report on 04/09/2014 02:41 PM and is a permanent record located here: http://www.ripoffreport.com/r/Chubb-Insurance/nationwide/Chubb-Insurance-Increased-premium-by-35-valued-property-at-more-than-double-to-calculat-1137606. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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