Experiences with Vault insurance as alternative to Chubb?

Questions on how we spend our money and our time - consumer goods and services, home and vehicle, leisure and recreational activities
Post Reply
Topic Author
NYCaviator
Posts: 1967
Joined: Sat Apr 09, 2016 5:06 pm
Location: NYC

Experiences with Vault insurance as alternative to Chubb?

Post by NYCaviator »

Anyone have experience with Vault insurance? Their policy seems very similar to Chubb's "Masterpiece" but much cheaper. I hadn't heard of them, but it seems they are owned by a private equity firm, which gives me a bit of hesitation. Will they stick around, will they pay claims, etc...

Chubb is getting very expensive for everything (especially umbrella coverage - $1,300 for $5m) and keeps going up every year.
FinanceGeek
Posts: 989
Joined: Sun Jul 01, 2007 5:27 pm

Re: Experiences with Vault insurance as alternative to Chubb?

Post by FinanceGeek »

Maybe check PURE.
scifilover
Posts: 545
Joined: Sun Apr 14, 2013 12:56 pm

Re: Experiences with Vault insurance as alternative to Chubb?

Post by scifilover »

From the Vault website: "Vault is the marketing name used to refer to Vault Reciprocal Exchange, a Florida-domiciled reciprocal insurance exchange managed by Vault Risk Management Services, LLC as its attorney-in-fact, and its affiliates. Certain products and services may be provided by its affiliates. Certain coverage may be provided by an affiliated surplus lines insurer. Not all products and services may be available in all jurisdictions and the terms and conditions of all products are subject to the applicable policy language."

I would call Vault and ask them what is their A.M. Best and Co financial rating. If it was "A" or better I would consider them. Chances are they are small, and do not qualify for a rating.
Topic Author
NYCaviator
Posts: 1967
Joined: Sat Apr 09, 2016 5:06 pm
Location: NYC

Re: Experiences with Vault insurance as alternative to Chubb?

Post by NYCaviator »

FinanceGeek wrote: Sat Jun 25, 2022 9:10 am Maybe check PURE.
We’re kind of in an odd situation where certain properties aren’t with the same insurer (pure requires 1m+ rebuild value for any policy) and they also want 100% of the lines with them so they wouldn’t work.
Topic Author
NYCaviator
Posts: 1967
Joined: Sat Apr 09, 2016 5:06 pm
Location: NYC

Re: Experiences with Vault insurance as alternative to Chubb?

Post by NYCaviator »

The more I looked into Vault, I found their AM best rating keeps getting downgraded and put "under review." They are owned by a private equity firm, aa large part of their portfolio consists of homes in FL and other hurricane prone areas, and many of their policies are written as "non-admitted" which means they don't necessarily have to comply with all state insurance laws. Not worth the cost savings to me...
Post Reply