The Warren, N.J.-based Chubb Group of Insurance Companies said it 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 in Redwood City, Calif., attended by State Insurance Commissioner Steve Poizner and executives from Chubb's Northern California branches and New Jersey home office.

James Fiske, vice president, Chubb & Son, and national marketing manager, Chubb Personal Insurance, said the reductions will be even higher for customers who take additional measures to protect their property or chose higher deductibles.

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