DAILY REAL ESTATE NEWS | FRIDAY, MAY 05, 2017
Homeowners with a bad credit score can expect to pay double—in some cases, even nearly triple—what owners with solid credit pay for their home insurance, according to a new state-by-state study by insuranceQuotes.
Policyholders with fair credit pay an average of 36 percent more than those with excellent credit, the study found. When a consumer’s credit is poor, premiums can more than double, increasing an average of 114 percent.
“Many consumers aren’t even aware that, in most states, credit plays a significant role in determining how much you pay for home insurance,” says Laura Adams, senior insurance analyst of insuranceQuotes. “So, even if you don’t plan on using credit to borrow money, it still affects your finances.”
Consumers in these states saw the greatest spike in home insurance premiums when their credit was poor:
South Dakota: 288.1%
On the other hand, consumers in these states saw the smallest increase:
North Carolina: 0.2%
New York: 29.3%
The list excludes California, Massachusetts, and Maryland, which prohibit the use of credit scores when setting home insurance rates, the authors note.
View the full report to see state-by-state rankings.
Jackie Hoyt started her career in technology industry. But after 25 years as an IT executive, she decided to follow her real estate dreams. She started her new career in 2004 and has not looked back since. Her business executive skills, multimillion dollar budget management and contract negotiations were some of the skills she has transferred to her new adventure. Those skills and experiences have allowed her to peruse the market and uncover the best direction for her clients. She realized guiding people with a major purchase is a huge responsibility. Her motto is to treat people’s money as it was your own and treat each client as your own family.
Hoyt Real Estate is a full service real estate firm with focus on customer service and putting clients first. We treat your business with the highest ethical and professional standards. Purchasing a home whether for the first time or not, is a daunting task and it can be made easier with the sound advice of an experienced broker, like Jackie.
Our goal is to make your real estate transaction a stress-free experience while negotiating the best deal possible. Our ability to deliver above and beyond has allowed us to build and maintain solid client base. We base our business on repeat clients and referrals; therefore your satisfaction is our highest priority. We at Hoyt Real Estate are focused on our knowledge of real estate market. Unlike other real estate firms we promises that you will not be farmed out to a junior agent and will always have access to Jackie Hoyt, founder broker.
We look forward to the opportunity to earn your business.
View all posts by Jackie