The California Department of Insurance has announced that Chubb Group of Insurance Companies is implementing a 18.4 percent homeowners insurance rate reduction that is expected to save Californians approximately $14.5 million annually. Chubb has more than 18,000 policyholders throughout California; 5,000 policies are in the Bay Area, which Chubb defines as San Francisco, San Mateo, and Santa Clara Counties, as well as Lake, Marin, Mendocino, Monterey, Napa, San Benito, San Joaquin, Santa Cruz, Solano, Sonoma, and Yolo Counties.
“This rate reduction speaks well of California’s vibrant property insurance marketplace, and Chubb is an excellent example that insurers can both serve its customers and operate profitably,” said Commissioner Steve Poizner.
On average, Chubb customers should save more than $800 annually per policy, CDI said. This reduction continues an industry trend over the last several months of rate filings with the CDI for homeowner insurance premium decreases.
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