case study 03 kelly & steve - escaping the city · 2020. 12. 11. · case study 03. home structure...
TRANSCRIPT
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Case study 03
Kelly & Steve - Escaping the City
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Gated community credit
Homeowner’s premium
No
$7,972
Yes
$5,439
Kelly & Steve - Escaping the City
Both successful software engineers, Kelly and Steve
are in their late thirties with two children. They
recently moved from their Seattle condo to a home
in Sammamish, Washington.
They own another home in Montana and employ a
full-time nanny. After a Chubb review, they updated
their policies to better reflect their current situation
and risks.
Home Sammamish, WA Before After Why make these changes?
Home structure limit
Other structures limit
Personal property limit
Basic deductible
Water leak detection credit
$1.0 million
30% (300,000)
50% (500,000)
$1,000
No
$1.5 million
30% ($450,000)
50% ($750,000)
$5,000
Yes
A higher limit will ensure full replacement cost for their home.
A higher deductible, installing a water leak detection system and backup generator, plus the portfolio discount, helps reduce the policy premium.
Backup generator No Yes
Portfolio discounts (vac/auto) No Yes
Home Montana Before After Why make these changes?
Home structure limit
Personal property limit
$400,000
50% ($200,000)
$600,000
50% ($300,000)
A higher limit ensures they will get full replacement value.
Deductible
Water leak detection credit
$1,000
No
$5,000
Yes
A higher deductible, lower personal property limit, installing water and gas leak detection systems, and a gated community discount help reduce their premiums.
Gas leak detection credit No Yes
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Gas leak detection credit No Yes
help reduce their premiums.
Excess liability premium $558 $1,350
They can also protect their home from wildfires by enrolling in Chubb's Wildfire Defense Service program.
Gated community credit No Yes
Homeowner’s premium $5,533 $4,266
Valuables Before After Why make these changes?
Jewelry limit (scheduled) $30,000 Same An updated valuable policy better protects their valuables and may reduce their home policy premium. Jewelry limit (blanket) $0 $10,000
China limit (blanket) $0 $5,000
Fine Art limit (blanket) $0 $10,000
Portfolio discount No Yes
Valuables premium $390 $557
Auto Before After Why make these changes?
2018 BMW X5 $500 deductible $2,500 deductible Increased deductibles and the portfolio discount help lower premiums.
2015 Infiniti G37 Coupe $500 deductible $2,500 deductible
Portfolio discount No Yes
Auto premium $2,883 $2,410
Excess Liability Before After Why make these changes?
Excess liability limit
Uninsured/underinsured
liability limit
Employment practices liability
(1 staff)
$2 million
$0
No
$5 million
$1 million
Yes
Increasing the limit provides additional protection for their assets.
Adding uninsured/ underinsured liability gives them extra protection.
Adding employment practices liability protects them against lawsuits claiming discrimination…
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Employment practices liability
(1 staff)
No Yes
..sexual harassment, rongful termination and ther employment practice iolations.
wov
Portfolio discount No Yes
Excess liability premium $558 $1,350
As a Chubb client, they could optimize their
protection to better cover their risks, and save
8% on their premiums.
Currently they pay
$9,274 They could save
$743
Total premium $9,274 $8,531
For the purpose of before-and-after comparisons in the case studies, all premium estimates are based on coverage rates for Chubb in 2018.
Potential savings are approximated. Rates are subject to change and may vary by location and other factors.
© 2018 Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of
these subsidiaries, please visit our website at www.chubb.com. Insurance provided by U.S. based Chubb underwriting companies. All
products may not be available in all states. Coverage is subject to the language of the policies as actually issued. Surplus lines insurance
sold only through licensed surplus lines producers. Whether or to what extent a particular loss is covered depends on the facts and
circumstances of the loss and the actual coverage of the policy as issued. Chubb Personal Risk Services, P.O. Box 1600, Whitehouse Station,
NJ 08889-1600.
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