6 easy ways to get cheap home insurance


Impress your insurer with good credit
Impress your insurer with good credit © alexskopje/

Impress your insurer with good credit

A high credit score can get you more than a favorable interest rate on a car loan or mortgage. It also can result in lower home insurance premiums.

Insurance companies check credit reports to gauge whether a customer is likely to cost them in the future, Lemons says. Wilson adds: "The stats show people that have a better credit score have fewer claims." Given that connection, insurers are willing to charge less if you have good credit.

But what constitutes a good credit score, for insurance purposes? It varies. Each company uses its own calculation to determine how much a credit score will impact premiums, which is another reason it pays to shop around and ask questions.

Indeed, Wilson says a quote for his own home insurance was unusually high, and it turned out that the wrong credit score was being used. Once he inquired about it, the premium dropped -- by roughly $1,000.

For a married couple, the insurer will take the better of the two credit scores and use that to rate the policy.


Show Bankrate's community sharing policy
          Connect with us

Compare multiple quotes in just 6 minutes

Get competing rates from top companies including:

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


Jay MacDonald

Will employers treat moms better?

The battle for top talent leads U.S. corporations to expand maternity benefits for new parents.  ... Read more

Partner Center

Connect with us