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Bad Credit Can Make Home Insurance Even More Costly

May 12, 2017

Via: TheStreet

Your credit score can dictate whether or not you buy a home, but it can also determine the cost of insuring it.

InsuranceQuotes and Quadrant Information Services have been sussing out the effect of credit scores on insurance for three years and found that they have a significant impact on your homeowners and renters insurance premiums. If you have a fair (i.e. median) credit score, you’ll pay 36% more for home insurance than someone with excellent credit. That’s up from 32% in 2015 and 29% in 2014. Worse, if you have a poor credit score, your premium more than doubles. The 114% increase is up from 100% in 2015 and 91% in 2014.

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