Chubb Homeowners - tricky business?

housebabyJuly 10, 2006

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?

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insurance-poor house baby,

What appraisal would your real estate person put on it?

Could your find another real estate person or two to run a quick appraisal, giving estimate jotted on a piece of paper, etc. for minimal outlay of money?

Then take the appraisals that you have to Chubb and yell.

Tell them that their appraiser must have been thinking of a dream home - and mixed up the "Before" and the "After" pictures. What you have is the "Before" actuality.

The "After" will only appear after a substantial amount of time has elapsed ... and a substantial amount of money invested.

Which, at the insurance fees that they are asking, will mean that the amount of time elapsed will be a "lot" extended.

How long will the house be vacant?

How much will you pay me to come down and camp there till it gets occupied?

Of course, you'd need to pay my medical insurance.

Oh, well ... I guess that wasn't such a good idea, after all!

Do you have a cousin who's free to live wherever who'd be willing to occupy the place for you for a while?

Sometimes a quirky approach (with some valid points to back up the request) achieves more than a straightforward one.

If Chubb turns you down, suggest to them that you think that you'll find a homeless person who'd be willing to move in and occupy the place for you for a while ... would they have a name of somone that would be responsible, etc. ... then they'd need to re-evaluate. No doubt a social service agency in your area could recommend a fairly responsible person.

I hope that you can get them to re-evaluate the situation.

Sometimes if you think out of the usual box, it encourages them to take a different approach to your request.

Remember - you don't ask ... you don't get!!

ole joyful

    Bookmark   July 12, 2006 at 4:35PM
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