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How your credit score affects getting home insurance?

Friday Feb 15, 2013

If you are in the new market for a new home, then you will want to check on your credit score to see where you rank. One of the best sources for this is, which enables you to check your credit report and credit score for free once each year. The higher your credit score, the better the chance you have to apply for bank loans and personal loans from friends and family.

Credit score is also very important when applying for home insurance. Insurance companies, such as Liberty Mutual use credit scores and credit reports to create an insurance score, which they use to determine if they should approve you for a home insurance plan.

So, what exactly is an insurance score? An insurance score is a number derived from calculations regarding information contained in a credit report. Insurance scores have been created to help predict the likelihood of having an accident or filing a claim. The best way to get a favorable insurance score is to show that you have a lengthy established credit history, no collections on file, no late payments on credit cards, low credit balances in relation to limits available and that you have only a few recently opened credit accounts (new accounts opened only as needed).

If you have found that your insurance score and credit score are favorable, then the next thing you will want to do is review different home insurance providers. Each provider will be able to provide you with different insurance rates based on your credit score and credit report history. The top home insurance providers include Liberty Mutual, Travelers, The Hartford, Safeco, Metlife and Progressive.

You can either visit each of their sites to find out the home insurance rates that you qualify for or you can visit a home insurance aggregator, that will be able to provide you with quotes from all of the major providers in just a matter of seconds. This will save you a lot of time in the long, so submitting your insurance requirement information on one site will be a lot better than going to each of the sites listed above. Think of it as the for home insurance plans.

Overall, when applying for a home insurance, you will want to make sure that you have conducted a credit report check first and determined your credit score. If you have a favorable credit score, then you are good to go. If you have a low credit score, then you will need to determine how you can make it more favorable before applying for home insurance.

To learn more about home insurance, check out Wikipedia.

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