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Prestige Insurance Group, Inc.

Home with Storm CloudsSAN FRANCISCO, Aug. 14, 2014 /PRNewswire/ --Homeowners with poor credit pay 91% more for homeowner's insurance than people with excellent credit, according to insuranceQuotes.com. Homeowners with median credit pay 29% more than those with excellent credit.

People with poor credit pay at least twice as much as people with excellent credit in 37 states and Washington, D.C. West Virginia's 208% increase is the highest in the nation, followed by Virginia (186%), Ohio (185%) and Washington, D.C. (182%).

The greatest differences between excellent and median credit were observed in Montana (65%), Washington, D.C. (60%) and Arizona (55%).

"This is another example of why credit is such an important part of your financial life," said Laura Adams, senior analyst, insuranceQuotes.com. "Maintaining a good credit history suggests that you're a less risky customer and can lead to several hundred dollars in annual homeowner's insurance savings."

Three states prohibit insurers from using credit to calculate homeowner's insurance premiums: California, Massachusetts and Maryland. And in Florida, while insurance companies are technically allowed to consider homeowners' credit scores, insuranceQuotes.com found that credit does not typically affect premiums.

Florida's hurricane-prone location means that homeowners pay the highest homeowner's insurance rates in the nation ($1,933 per year, which is almost double the national average of $978, according to the National Association of Insurance Commissioners). Since hurricanes play such a major role in Florida's homeowner's insurance market, credit is a lesser concern.

According to the NAIC, about 85% of home insurers use credit-based insurance scores in states where it's allowed.

More information, including the findings for all 50 states and Washington, D.C., is available here.

insuranceQuotes.com commissioned Quadrant Information Services to examine how credit affects homeowner's insurance premiums. Quadrant calculated rates using data from six major carriers representing approximately 60% of market share in all 50 states and Washington, D.C.

Let us help you find the right home insurance policy for your needs and your budget. Call Prestige Insurance Group, Inc. at (305) 969-8776 for more information on Miami home insurance.

(Article courtesy: InsuranceQuotes.com)
Posted 9:15 AM

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