2006-06-12 16:21:20 · 9 answers · asked by smitty 7 in Business & Finance ➔ Insurance
Unless you live in the state of California where it is illegal to use credit as a rating factor your score can affect your rate. Credit is just one of the factors in what they call your insurance score report they take about 1400 things into account when calculating the rate. The logic behind this is if you don't pay your bills on time and it shows as a pattern then they figure you may not pay your insurance on time. Credit score weights more heavily on an auto policy than it does on a renters policy so your rate will not sky rocket if you have bad credit.
2006-06-12 17:28:51 · answer #1 · answered by jbjefferies 3 · 0⤊ 1⤋
Typically your credit rating does not affect the AMOUNT you pay for insurance, but if the insurance company is willing to sell you a policy. What determines the amount you pay for the policy is how much coverage you have ($20,000 in personal property) and what type of events it covers (theft, fire, tornado, hurricane).
Insurance companies will review your credit history to help make a determination of whether or not they can expect you to pay your premiums on time. It's a relatively new practice, and is being looked at more closely than it used to.
Frankly, renter's insurance is very inexpensive, I pay $12 per month for $35,000 in coverage.
2006-06-12 17:07:50 · answer #2 · answered by Labwench 1 · 0⤊ 0⤋
I suggest that you try this website where you can compare rates from the best companies: http://INSURE-HELP.COM/index.html?src=2YAmyxtpBE30
RE :Your credit rating can affect how much you pay for renters insurance,if so explain thoroughly.?
Follow 8 answers
2016-08-27 12:31:34 · answer #3 · answered by Anonymous · 0⤊ 0⤋
In most states, most insurance companies have filed to allow for "credit scoring" to be part of their underwriting and rating criteria.
The lower your score, the higher your premiums - or maybe they won't write your insurance at any cost.
This is because when the companies compare credit scores to claims history, people with low credit scores have higher claims, and more payout for the claims they do have.
Don't bother with the "WHY" part of this - the numbers don't CARE why there's a corrolation between poor credit score and high claims, only that it exists.
2006-06-13 04:45:15 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
I recommend you this site to get quotes - INSURANCEGRADES.INFO-
RE Your credit rating can affect how much you pay for renters insurance,if so explain thoroughly.?
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