The Gap Between Cheap Homeowners Insurance In Florida And Excellent Credit Rating
Did you know your credit history can significantly affect your homeowners insurance rates? Yes, if on an average, you have a poor credit rating, your premium will be double the rate of a homeowner whose credit history is excellent. According to a study, homeowners who have “fair” credit ratings pay an average of 36 percent more than who has an excellent credit rating.
Here are some questions and answers about the relationship between credit reports and insurance premiums:
Basically, credit score is a risk factor that insurers consider while setting a premium rate. Homeowners who have poor credit ratings tend to file claims frequently. Therefore, if you have a poor credit score, on average, you will be paying more for homeowners premiums.
How To Maintain A Good Insurance Credit Score To Get Cheap Homeowners Insurance In Florida?
According to FICO, consumers can maintain good credit by, limiting the number of new credit cards or loans, paying bills on time and keeping card balances low.
Shop around: If your credit history doesn’t support you getting lower insurance rates; shop around. The formulas used by the providers to create scores vary, therefore, one insurance company may offer lower rates than another.
You can ask your insurer to review your premium, once every 12 months, for a possible reduction called rerating.
If you have a poor credit history and getting cheap homeowners insurance in Florida has now become a dream for you, please contact our professional insurance agents at www.insurefloridians.com. We would love to serve you!