Good news for you Florida homeowners – your credit will not affect your homeowner’s insurance policy rate, or premium. However, with the good news comes the bad. What’s the bad news? Your homeowners insurance is going to be high anyway.
A new study out this past week shows that Florida homeowners are on the hook for higher insurance premiums than the national average, and good credit won’t help to make the situation any better fore responsible homeowners who deserve a break. The silver lining, of course, is that your bad credit won’t affect your insurance premiums, either.
The study also points out that homeowner insurers in Florida aren’t required by any regulation, wether it be by state or federal law, to disclose exactly how they calculate your insurance premium. By law, insurers are barred against using some – but not all – tactics at their disposal to determine what your premium will be. It’s not clear which they follow, and which they don’t.
Why doesn’t credit affect your insurance rate?
For one, homeowner’s insurance rates in Florida are already well above the national average…so it really wouldn’t be fair to use credit history as a tool to raise rates even more. Or so the theory goes.
But there are ways to save – check out our post on how to save on your homeowner’s insurance.
So while insurance regulators are busy trying to get insurance agencies to disclose publicly exactly how they calculate individual homeowner insurance policy premiums, the insurers are preemptively admitting that’s credit is not a factor.
If you want to learn more about how to show for affordable, simple homeowner’s insurance, we can make a few suggestions for you. We can also connect you with an insurance agent we trust for our clients. Contact Tracie Copeland, Broker-Owner, at 561-500-LIST today.