The Chubb Group of Insurance Companies announced it has broadened its homeowners coverage in Texas by introducing unlimited extended replacement cost coverage. In the event of a total covered loss, Chubb can pay to fully rebuild or repair a home even when the rebuilding costs exceed the customer’s policy limit.
Chubb’s extended replacement cost coverage amount in Texas had been capped at 50 percent above the policy’s limit for the dwelling prior to becoming unlimited.
For covered losses, Chubb now also provides Texas homeowners and condominium owners with unlimited coverage for debris removal, rebuilding to code, and loss of use, which pays for the costs of living elsewhere while a home is being reconstructed or repaired. Along with these changes, Chubb has introduced numerous other coverage enhancements in Texas.
In addition to Texas, the company is offering unlimited extended replacement cost coverage in 40 other states and the District of Columbia, according to Heather Evans, vice president of Chubb & Son and regional manager in Texas for Chubb Personal Insurance.
Source: Chubb Group, www.chubb.com/personal.
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