May 26, 2017
‘Credit Impacts Cost of Insurance’
By James D. York, P.A.
A new study by insuranceQuotes reveals that having a poor credit score can double or even triple the cost of your homeowners’ insurance premiums. This is yet another reason to check on your credit score.
According to Laura Adams, senior insurance analyst for insuranceQuotes, "Many consumers aren't even aware that, in most states, credit plays a significant role in determining how much you pay for home insurance. So, even if you don't plan on using credit to borrow money, it still affects your finances."
Indeed, the affect can be a major budget consideration. The average homeowner with poor credit pays 114% more than one with excellent credit for an identical policy.
The good news for Sunshine State residents is that Florida is one of the states with a lower rate of increase. At 25.7%, we are one of only four states with rates below 50%. The states with the highest rates include Oregon, Nevada, Oklahoma, Arizona, and South Dakota. Massachusetts, Maryland, and California prohibit the use of credit scores in determining homeowners’ insurance rates.
Just give us a call with any questions or concerns you might have about your credit score and insurance premiums—or anything else. We’ll be happy to help!
Connect With York Real Estate Group
York Real Estate Group consists of James, Michael, and Morgan York, Florida Realtors with Downing-Frye Realty. James York is the winner of the prestigious 2014 and 2015 SWFL People’s Choice Realtor Award. The group has over 25 years combined experience and over $275 million in sales transactions. Visit The York Group website at www.naplesyorkrealestate.com for all current MLS listings of houses for sale in Naples, Marco, Bonita, and Estero. If you have other questions, the York’s invite you to email or call them at JYorkinFL@cs.com or 239-273-6727.