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Old 05-14-2012, 02:58 PM
 
127 posts, read 258,477 times
Reputation: 138

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Hey! I sent you a private message too about our recent insurance for our house.
I don't want to name names publicly because thats tacky.
But if any of you out there have only ever dealt with the big insurance companies directly I would highly recommend using a private insurance broker. We ended up being able to save hundreds on both car and home.

We ended up getting homeowners on a house worth $124k-ish insured for over $150k, its well over 20 years old, and the premiums are around $80.mo.
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Old 05-15-2012, 09:09 PM
 
Location: Texas
1,389 posts, read 989,614 times
Reputation: 1549
Why does credit score affect rates? I think this is just dumb. You prepay insurance so why does it matter? They won't do anything until you pay the deductible. How does credit score factor into this? I think this country is getting TOO depend on a 3 digit number.
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Old 05-16-2012, 08:17 AM
 
Location: DFW
12,229 posts, read 21,443,557 times
Reputation: 33266
Quote:
Originally Posted by tewest86 View Post
Why does credit score affect rates? I think this is just dumb. You prepay insurance so why does it matter? They won't do anything until you pay the deductible. How does credit score factor into this? I think this country is getting TOO depend on a 3 digit number.
Insurance companies feel that if you are not responsible with your money, then you are more than likely not going to be responsible on the road. According to his recent statement to CBS, Donald Hanson of the National Association of Independent Insurers agrees. Hanson stated, "Research indicates that people who manage their personal finances responsibly tend to manage other important aspects of their life with that same level of responsibility and that would include being responsible behind the wheel of their car or being responsible in maintaining their home." Some disagree with Hanson's ideas on insurance credit scoring and feel it creates a hardship for many who are already struggling.

Credit Scores and Insurance - How Credit Scores Affect Insurance Quotes and Insurance Policies
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Old 05-18-2012, 01:31 PM
 
134 posts, read 546,944 times
Reputation: 66
Quote:
Originally Posted by carroll4628 View Post
Keep in mind too that you're paying for the replacement value of the home (if a disaster strikes - fire, lighting, tornado, etc.). While it's thought of as an "in-kind" replacement - your 70s/80s home would now be a new home costing the insurance company $70-$100/sf to replace. BTW - we pay $1700 for a $550k home, so $1300 sounds way high.
It's amazing how much a old roof costs. If you get a new roof, they give a huge discount. We got quotes from $800 to $1400. Either one is under insuring or the other is making a killing.
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