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Old 11-01-2007, 01:43 PM
 
212 posts, read 1,016,771 times
Reputation: 109

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I am just signing up for Home Insurance on a new home. They are asking for my Social Security Number. I am very reserverd in disclosing this.

Should I provided it to them or fight it?
Why do they need it? Its not like they can't jus cancel my insurance if I don't pay them. I can even pay it
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Old 11-01-2007, 03:49 PM
 
212 posts, read 1,016,771 times
Reputation: 109
Any feedback ?
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Old 11-01-2007, 03:54 PM
 
1,246 posts, read 4,187,022 times
Reputation: 1069
some insurance companies are using credit to determine premiums.
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Old 11-01-2007, 04:07 PM
 
168 posts, read 1,211,896 times
Reputation: 181
Personally I'd give it to them. If I knew your first and last name I could find your SS number within minutes on the web. Anyone who wants it can have it, so you're really not protecting anything by not giving it to them. It's already out there for anyone who wants to pay a few dollars for a "background check" on you.
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Old 11-01-2007, 04:47 PM
 
184 posts, read 801,860 times
Reputation: 114
The SS# is used to determine your credit rating, most large insurers use your credit score as part of the underwriting process. The credit score is one factor they use to determine how much of a "risk" you are and obviously, the higher the perceived risk the higher the premium. This is a pretty common and standard practice for all property & casualty insurers.
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Old 11-01-2007, 04:53 PM
 
Location: Marietta, GA
857 posts, read 4,877,922 times
Reputation: 845
Nowadays it is common for insurance companies to run your credit. I don't really get it since you are going to pay them the premium in advance of the period covered, so it isn't that they are afraid you are going to stiff them on the payment. I guess they equate someone who is careless with their credit with someone who might be careless with matches and burn their house down. Go figure.
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Old 11-02-2007, 07:07 AM
 
Location: Raleigh, NC
12,475 posts, read 32,230,653 times
Reputation: 9450
The above posts are correct. You can say no to giving your SS# but the insurance company is going to say no to insuring you.

Home Insurance companies now pull your credit to assist them in determing your premiums. Ain't insurance great? Can't live without it...

Vicki
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Old 11-02-2007, 07:50 AM
 
23 posts, read 71,235 times
Reputation: 11
Insurance companies also need your SSN# to differentiate you, it's also a way of checking to see if you have had any claims in the past which would effect the rate on the homeowners policy.

This is customary. Also remember that the Insurance company is protecting your LARGEST asset, these are the people you are going to need to call in case something catastrophic happens to your home.

It sounds like you need to find an Agent who would actually explain all of this to you and make you feel comfortable leaving your assets in their protection,.
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