insurance

10 hidden home insurance credits

New ratings models: This year's could cost less
Next
7 of 12
Back
Decreasing bar graph

Home insurance is a changeable business, in large part because real estate is a dynamic market. Actuarial experts crunch the numbers as neighborhood values rise and fall and construction costs ebb and flow in order to develop models that help insurance companies manage their risk.

Since your homeowners insurance rate naturally flows from these models, it follows that rates can change as well -- sometimes in your favor. In some cases, new models are used to establish lower rates to attract new customers.

"Many insurance companies have tiered rating now, and if you don't quite fit into the perfect mold because of something that might have been on your credit report, you could be paying more than necessary because you haven't cleared that up," says Flannagan.

"Even your address can have an impact on it, because when you bought that policy, CLUE, or Comprehensive Loss Underwriting Exchange, reports might not have been part of the underwriting, but now they are."

New ratings credit: Call your agent. Sometimes, you can even save money by applying for a new policy with the same company.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jay MacDonald

Mild hurricane season forecast

Forecasters predict a mild 2014 hurricane season, but with El Nino forming, just the opposite is possible.  ... Read more

advertisement
Partner Center
advertisement

Connect with us