I have bad credit. How can I find affordable homeowners insurance?
UPDATED: Jun 9, 2014
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Asked June 9, 2014
The cost of homeowners insurance is based on many different factors, including home specifics as well as personal factors such as your marital status or credit score. Scores above 680 tend to net lower rates, while scores below 680 will always result in paying higher premiums. There are a some things you can do to minimize the costs, though, possibly even reducing the premiums enough to match those paid by people with high scores.
The first step in finding affordable home insurance with bad credit is to shop around. For that, it is usually best to concentrate your efforts on insurance brokers, such as this website. One reason is that a brokerage offers coverage through multiple insurance companies instead of a single company. Another reason is that a broker does not work for a single company; they work directly for the policy buyers. A broker is likely to put more effort into finding you better rates, even if you have less than perfect credit.
Look for discounts that will reduce the cost of coverage. One of the best ways to do this is to make the home more secure, such as installing a fence, or deadbolt locks. A home security system that is monitored around the clock provides the best home security discount of all.
If you have less than perfect credit, your rates will be higher, but starting out with a free online homeowners insurance quote from a brokerage will give you the best chance of finding affordable coverage. The quote will automatically be compared with other leading insurance companies available through the broker, so you will know you are looking at the best prices available as well as giving you a good idea of what the coverage is going to cost.
Answered June 9, 2014 by Anonymous