What Is A Good Home Insurance Score – 4 Tips For Picking The Right One
This insurance video discuss the use of credit for insurance and compares credit scores vs insurance scores. According to the National Association of Insurance Commissioners (NAIC), a credit-based insurance score is a rating based in whole or in part on a consumer’s credit information. Insurance scores are a risk management measure and use certain elements of credit to predict the likelihood that a policyholder will have an accident or file an insurance claim. The insurance score may also be used to determine your insurance rates and premium for homeowners insurance and/or car insurance.
In states that allow insurance company credit check, the use of insurance score, current estimates have found that roughly 95% of car insurance companies and roughly 85% of homeowners insurance companies use insurance score. In most situations, insurance laws prevents insurance companies from denying an applicant insurance coverage due to an unfavorable insurance score.
Credit Scores vs Insurance Scores – https://content.naic.org/cipr_topics/topic_creditbased_insurance_scores.htm
Is your home insurance rates or car insurance rates going up? Speak with your insurance agent and/or insurance company If you have questions regarding the use of insurance score.
Colorado Insurance Bill (Senate Bill 169) Restricts Insurance Companies Use of External Consumer Data – https://leg.colorado.gov/bills/sb21-169
Washington State issued emergency rule banning credit scoring in insurance rating. – https://www.insurance.wa.gov/credit-scoring-ban
Full Listing of States that Prohibit The Use of Credit Checks for Insurance – https://www.experian.com/blogs/ask-experian/which-states-prohibit-or-restrict-the-use-of-credit-based-insurance-scores/
0:00 Insurance Company Credit Check
0:40 Credit Scores vs Insurance Scores
1:26 Speak with your Insurance Agent
1:57 Insurance Rates Going Up
2:38 Credit Ban
3:03 Insurance Laws
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