Chubb Reduces Homeowners Rates in California
Insurer Positions Itself for Further Growth in the State
LOS ANGELES.- The Chubb Group of Insurance Companies will lower its homeowners insurance rates in California by an average of 18.4 percent. Chubb announced its rate reduction at a California Department of Insurance press conference this morning in Redwood City. State Insurance Commissioner Steve Poizner was joined by representatives from Chubb’s Northern California branches and New Jersey home office.
“Customers who take additional measures to protect their property or chose higher deductibles will see significantly higher savings,” said James Fiske, vice president, Chubb & Son, and national marketing manager, Chubb Personal Insurance.
Fiske explained that customers who select deductibles of $5,000 or more will benefit from larger credits on their policies than in the past. Furthermore, Chubb has introduced a 10-percent credit in the state for customers who buy both homeowners and automobile insurance policies from Chubb.
The moves come nearly one year after Chubb lowered its automobile insurance rates in California. Some drivers with good records and characteristics saw their rates decrease even more.
The homeowners rate reduction will occur in two phases. Effective September 20, all new and renewing policies will experience a 14-percent average rate decrease. The remainder of the reduction will occur in December. Current customers will see the rate reduction upon renewal of their policies.
“Our ability to lower rates is based on our loss experience in the state,” said Fiske. “This places us in a position to further grow our California homeowners business. When viewed along with our broad coverage and reputation for extraordinary claim service, Chubb is significantly more competitive in the luxury, custom and historic home markets.”
Chubb has grown its California homeowners business during the past five years, while other insurers have reduced their writings or depth of coverage in the state, added Fiske.
In addition to offering broad homeowners - with an extended replacement cap of 200 percent - earthquake, high-limit personal excess liability and automobile insurance, Chubb offers a full range of lifestyle risk management products and services that help protect families, art and other valuable possessions, yachts and financial assets from loss, damage and litigation. Chubb’s innovative coverages include private flood, home invasion and other personal security risk, household employment practices liability, travel-related emergency medical, kidnap and ransom, and personal directorship liability.
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