Terrapin Insurance Group writes high net worth homeowners insurance for Maryland estate properties exclusively through Chubb, our single appointed HNW carrier. If you own a home in Bethesda, Potomac, Edgemoor, or Avenel with a replacement cost north of $1M — or a portfolio of fine art, jewelry, vehicles, and watercraft to match — Chubb's Masterpiece program is the broadest standard form available in the U.S. market, and it's what we recommend.
This page exists to help you understand what HNW coverage actually does differently from a standard homeowners policy, when Chubb is the right fit, and when a strong standard-market carrier like Erie or AIC will serve you better. We do not believe every $1M home needs Chubb. We do believe that once you cross certain thresholds, the price difference buys real protection you cannot replicate elsewhere.
Why HNW homes need more than a standard homeowner policy
A standard ISO HO-3 or HO-5 policy was designed around a median-priced American home: roughly 2,000 square feet, builder-grade finishes, $40,000 of furniture, and a household with normal liability exposure. The forms work well at that scale. They begin to break down as you scale up — and they break in predictable ways.
Four specific exposures drive most HNW households to switch to a Chubb Masterpiece form:
- Replacement cost gap. When your $2.4M Bethesda home suffers a fire and the actual rebuild cost is $2.7M (after a Montgomery County demand surge, custom millwork, and code upgrades), a standard policy capped at your stated dwelling limit pays $2.4M. You eat the $300K gap. Chubb's guaranteed replacement cost pays the actual rebuild cost — full stop.
- Cash settlement option. After a total loss on an older Edgemoor home, you may decide you don't want to rebuild. Standard policies pay only the actual cost to repair or rebuild — no rebuild, no payment beyond actual cash value. Chubb offers a cash settlement equal to your dwelling limit so you can walk away with the check.
- Valuables coverage. Standard policies cap jewelry at $1,500–$3,000 per item, art at $2,500 total, and apply named-perils only (no accidental breakage of a porcelain piece, no mysterious disappearance). Chubb's Valuable Articles form is worldwide, no-deductible, and includes accidental breakage and mysterious disappearance.
- Identity restoration. Chubb bundles identity theft and restoration services with their HNW homeowners — concierge-level help if your identity is compromised. Most standard carriers offer this as a separate $25–$50/year add-on with weaker services.
What Chubb Masterpiece brings to Maryland HNW households
Here is what changes when you move a Bethesda or Potomac estate from a standard market to a Chubb Masterpiece policy.
Guaranteed replacement cost — rebuild as-was, even if costs exceed your dwelling limit
This is the headline feature. Chubb commits to paying whatever it actually costs to rebuild your home the way it was — same custom hardwood floors, same hand-plastered ceiling medallions, same imported stone — without regard to your stated dwelling limit. After the 2024–2026 construction-cost surge in Montgomery County, this is no longer theoretical. Rebuild costs jumped 18–22% over two years, and standard policies set in 2022 are catastrophically under-limit today. Chubb's guarantee eliminates that exposure.
Cash settlement option — take the dwelling-limit check and walk away
After a total loss, you choose at claim time: rebuild and have Chubb pay the actual cost, or take a cash settlement equal to your dwelling limit. Standard carriers do not offer this. The cash option is valuable when the destroyed property no longer fits your life, when zoning has changed, or when you've been ready to downsize and the loss provides the trigger.
Worldwide coverage for jewelry, art, and collectibles with broad terms
Chubb's Valuable Articles form schedules each piece individually with an agreed value, covers worldwide, applies no deductible to scheduled items, and includes accidental breakage and mysterious disappearance. Pieces above a stated threshold get a Chubb-arranged appraisal. Once on schedule, coverage follows the item — your art on loan to a museum, your watch on your wrist in Italy, your wine being shipped from a Napa cellar.
Identity restoration services
Bundled with the Masterpiece policy: concierge identity theft monitoring and full restoration support if your identity is compromised — a dedicated case manager who handles the credit bureaus, the IRS, the banks, and the paperwork on your behalf. For HNW households whose financial life is complex, this is meaningful.
Free risk consulting walkthrough by a Chubb engineer
After binding, Chubb sends a risk consultant to walk your property — assessing water-loss exposure (still the #1 HNW claim, by a wide margin), wildfire, security, electrical, plumbing, and HVAC. You get a written report with prioritized recommendations. Many clients hand it directly to their property manager as a punch list. The consultation is complimentary and typically scheduled within 60 days of policy inception.
Where Maryland HNW households live (and why coverage differs)
The HNW belt in Montgomery County is concentrated in a handful of neighborhoods, each with its own underwriting profile. We've written enough of these properties to know where Chubb makes sense, where they push back, and where a standard market actually fits better.
- Edgemoor — Tudor and Colonial estates from the 1920s–40s with custom millwork, slate roofs, and high replacement costs. Chubb is the natural fit; older systems often require risk mitigation.
- Avenel — Gated TPC golf-course community in Potomac with newer construction, $2M–$8M homes, and HOA-driven uniformity. Chubb's standard wheelhouse.
- Bethesda — Wide range from $800K Wyngate cape cods to $5M Burning Tree estates. Chubb threshold here is roughly $1.2M replacement cost.
- Potomac — Equestrian acreage, gated communities, Falls Road luxury. Chubb writes the farm-and-ranch endorsements for horse properties; standard markets generally cannot.
- Rockville — Mostly standard-market territory, but the high end of Fallsmead, Falls Ridge, and West End North Bethesda pockets cross the Chubb threshold.
HNW coverage beyond the home — auto, umbrella, valuables, watercraft
Chubb is more than a home carrier. The HNW program writes the full personal lines portfolio, and bundling is where the real coverage consistency (and the multi-policy discount) comes from.
HNW auto
Chubb's auto program is designed for high-value vehicles — exotics, classics, collector cars, and daily-driver luxury. Coverage includes agreed value (no depreciation arguments at claim time), worldwide rental car, OEM parts on repairs, and access to specialty repair shops. For collector cars on limited mileage, Chubb's classic auto program is purpose-built. Three-car households with a Range Rover, a Porsche, and a 1968 Mustang are routine.
Personal umbrella
Chubb writes umbrella liability from $1M up to $50M+ — sized for households with real assets to protect. The umbrella sits on top of Chubb home and auto liability and includes uninsured/underinsured motorist coverage at the full umbrella limit (a feature many standard umbrellas charge extra for, or don't offer). For Bethesda professionals, Potomac executives, and Avenel households with serious balance sheets, $5M–$10M is the typical starting point.
Valuable articles — jewelry, art, wine, watches
The Valuable Articles form is written as a standalone or bundled with the home policy. Schedule individual pieces with agreed value, no deductible, worldwide coverage, and accidental breakage. Wine collections are written as a separate schedule with temperature-and-humidity-failure coverage. Watches and jewelry stored in a safe receive secured-storage discount underwriting.
Watercraft
Chubb writes yacht and watercraft coverage from runabouts to 60-foot+ vessels — agreed value hull, broad liability, salvage, and worldwide navigation extensions. For Eastern Shore second homeowners and Chesapeake Bay sailors, Chubb's marine team is one of the few HNW programs that handles this line in-house.
When Chubb is the right fit (and when it isn't)
We are an independent agency. We don't believe every household needs Chubb, and we will tell you when a standard market serves you better. Here is roughly how the decision shakes out.
Chubb makes sense when:
- Home replacement cost is $1M+ (firmly so above $1.5M).
- You have scheduled valuables totaling $100K+ (jewelry, art, watches, wine).
- You own multiple high-value vehicles, classics, or exotics.
- You want $5M+ of umbrella liability.
- You have an equestrian property, watercraft, or domestic employees.
- You value the cash-settlement and guaranteed-replacement-cost features and are willing to pay 20–40% more for them.
A standard-market carrier is the better fit when:
- Home replacement cost is under $750K.
- No scheduled valuables of consequence.
- One or two mainstream vehicles.
- $1M–$2M of umbrella is sufficient.
- Price sensitivity matters more than the marginal coverage gain.
Under those conditions, Erie, Progressive, or AIC will deliver coverage that is comparable enough at the practical level, at meaningfully lower premiums. We will quote both sides honestly and let you decide.
Ready to talk? Reach out or call us at 240-243-0042. We will walk through your home, your valuables, your auto, and your umbrella exposure, and tell you honestly whether Chubb is the right call for your situation.