Chubb new requirements--multi-tier alarm system

I’m in the same boat as @randymcnally and @
northslopian — any recs or experience with companies to install these alarms?

nativejoralemonian

in General Discussion 1 year ago

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northslopian | 1 year and 10 months ago

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Chubb sent out someone to inspect the property (3 family) recently for a new assessment and the replacement cost went from 2.3M to 8M (and the premium went up significantly as well). This is due to supply chain issues and materials cost per the agent. More insulting is the new requirement for a home alarm system AND smoke/sprinkler/water main leak alarms that must be centrally monitored. We already have bars on several of the windows. I know Chubb is fantastic with paying out for claims, but this has me rethinking our policy. I believe we used to have coverage through the Brownstone Agency, probably in 2005 and a few years after that, but switched after we got advice (likely on here) that they were pretty terrible with paying out on claims. So, my questions are– does anyone else have these alarm requirements? And, does anyone have a recent positive claims experience with Brownstone Agency? Thanks all.

xuytbjicwnofjdde | 1 year and 10 months ago

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Our Pure policy on a $7m replacement cost also required home alarm with central monitoring. Pure and Chubb have the vast majority of the market at this replacement cost level, probably for good reason. A ton has been written on this forum about how unwise it is to choose the contractor with a significantly lower bid. I’d think about applying the same logic to insurance carriers with a significantly lower premiums.

catboot | 1 year and 10 months ago

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Interesting. We too have Chubb and they were pretty relentless in contacting us about the site visit. I asked if this was mandatory, they said no so I declined. Haven’t heard from them since.

joerhino | 1 year and 9 months ago

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Are the choices really only Chubb and Brownstone?

My premium is currently $19k/year for 4,000sf townhouse and will probably go up dramatically this year. Brownstone ends up being about 1/4 to 1/3 of the cost, but people seem to have real trouble with claims.

I’m torn because while peace of mind is paramount for most of us – $30k/year equals well over $300k in a decade. That could basically help my kids get their own house!

Has anyone had experience with a total loss situation with Brownstone Agency? Do they actually pay when it matters?

randymcnally | 1 year ago

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I realize this convo was from 9 months ago, but we experiencing the same issue with Chubb for 2 family townhouse. Our premium jumped from $8K to $22K a year. Replacement costs went from $4M to over $8M. We have a quote from Brownstone but concerns as noted below. I am open to the alarm system requirement but that does not change the premium. Wondering if anyone has updates on where they landed with carriers and any alarm provider recs? Ring is not accepted. ADT perhaps? Thanks!