2007-04-18 15:47:10 · 7 answers · asked by Twister 2 in Business & Finance ➔ Insurance
1. Eligibility is not an issue.
2. It might impact the premium, but many states prohibit to use credit score to rate insurance premium. So, it depends.
3. If you fail to pay the premium then policy will lapse at some point. Then bank will buy you home insurance at your expense and that one will be much more expensive compare to one you buy yourself. So, your failure to pay is not much of a risk to the bank.
4. The funny thing is that as many times as I've seen that questions asked by insurers nobody asked for a proof (unlike many other rating factors). Looks like it is not considered to be really important.
2007-04-18 18:38:36 · answer #1 · answered by Mike 2 · 0⤊ 1⤋
Almost anyone can get homeowners insurance unless you've had a large amount of claims in the past. That doesn't necessarily mean the rates will be what you'd expect. Credit takes its tole on everything nowadays and unfortunately credit is used to verify what premium individuals will pay. It's not always fair, but it's how insurance works.
2007-04-19 11:48:43 · answer #2 · answered by HG2003 3 · 0⤊ 0⤋
Yes, but it costs a WAY lot more. Foremost specializes in poor credit homeowners. You can find an agent in your area by going to their website, www.foremost.com. You can also buy directly from them, but I'd suggest going through an agent, because after a year or two you'll be in a better position to ask the agent to see if they can switch you to a standard carrier.
** a few comments on some other responses. No one ASKS for proof of credit score, because each company pulls their own. They have their OWN proof in file. Every state EXCEPT California allows credit scoring for rate determination AND eligibility - if your score is below 500, you will likely not be ELIGIBLE with any carrier. Lastly, if you rely on the "mortgage company" to buy your "homeowners insurance" - surprise! Although it might cost 2-3X what your own policy costs, it doesn't cover YOUR liability, YOUR contents, or YOUR interest in the house. In other words, it ONLY pays the mortgage company, and ONLY up to the balance on the mortgage. And THEY aren't going to fix the house for you.**
2007-04-18 16:21:15 · answer #3 · answered by Anonymous 7 · 1⤊ 0⤋
Yes you can. You are going to pay more because of the bad credit but you will be able to get it. The best thing to do is call an independent insurance agent and ask them if they have anything available.
2007-04-19 07:56:51 · answer #4 · answered by blb 5 · 0⤊ 0⤋
Yes. In some states credit is not a factor for rating. So a person with excellent credit pays the same as one with bad.
2007-04-18 20:14:03 · answer #5 · answered by MARK S 2 · 0⤊ 0⤋
Im sorry yet maximum people who've youngsters do no longer bypass oh shall we've yet another one so we are able to get a tax credit exceptionally as a results of fact there are limits till you truly dont get plenty returned for each baby. whilst people who cant discover the money for toddlers get pregnant there no longer thinking that a approaches forward it in simple terms happens they get pregnant. And doing away with that funds ought to reason plenty extra problems with youngsters being skipped over and each little thing as a results of fact i comprehend many father and mom who in simple terms purchase their youngsters outfits or something whilst they get that tax funds.
2016-12-16 09:51:31 · answer #6 · answered by money 4 · 0⤊ 0⤋
Yes, because ins premiums must be paid in advance.
2007-04-18 15:52:15 · answer #7 · answered by TedEx 7 · 0⤊ 0⤋