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Can Your Credit Effect Your Home Owners Insurance ?

Cheryl Malone September 26, 2013

finding your homeEver wonder why your insurance agent wants your social security number?   Many people don’t realize that your credit score can effect your homeowner’s insurance as well as your automobile policy.

Discounts 

Insurance companies will give discounts on your homeowner’s policy if you carry your automobile insurance with them too.  A good driving record will create a discount on your automobile insurance.  A good credit score can possibly provide you with a better rate on your homeowners insurance too.

They take other factors into consideration as well, like any previous claims you may have had on your properties in the past.

They may also take into consideration, any claims made against the house you are buying.   They run a CLUE report to check the claim history on the house in question.

Credit scores are worth money

Therefore, keeping good credit can save you money in the long run.  The interest rate on your mortgage and your homeowners insurance can be effected by your credit.  Most people stay in their homes for 7-10 years, so over the years these discounted rates could save you thousands of dollars.

 

 

 

 

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