Chubb Homeowners - tricky business?
We bought a 100+ yr old home and used Chubb for insurance at closing. They came and appraised the house a month later and the news is that they appraised the house at 3 times what I paid. It is a large house (4600 sq ft) and in need of lots of work. It has nice bones - granite foundation in good shape etc. However, this means the premium will go from $3600 which I paid at closing to about $15K/year!!
We need this insurance because CHubb is the only Ins Co. that will insure it while it's vacant (they're doing this, I"m told, because we are current customers). So we'll pay the riduculous amount for a few months and then will have to switch.
Someone suggested that Chubb is pricing us out because of the reputation of our town (Yonkers, NY) which does have its share of crime. We're in a lovely, residential part with a great civic/neighborhood association and our block has no recorded criminal activity when we checked with the Police Dept before going to contract.
Anyone heard of anything like this?