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Does your credit score affect home insurance rates?
My credit score took a dip while I was between jobs. Now that I’m working again, I’m keeping up with my bills and my credit score is increasing. I was thinking about getting a new home insurance policy, but I’m worried my credit score will make it difficult. Does your credit score affect home insurance rates?
Melanie Mergen · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It can be hard to make ends meet during difficult times; I’m glad to hear you were able to find work again. Credit scores are one of several factors that affect home insurance premiums. The higher your credit score, the easier it is to get homeowners insurance at a lower rate.
Your credit score isn’t the only thing playing a role in your
home insurance rate
, though. Here are several more factors that also have some influence:- Location
- Marital status
- Your home’s age
- Your home’s square footage
- Liabilities
Even if your credit score is low, that doesn’t necessarily mean you won’t be eligible for home insurance. In the meantime, doing what you can to pay bills on time and pay off debts can help your score bounce back. Depending on how severely your score was affected, you may even find yourself with a higher score within a few months.
Also, just so you know, home insurance companies pull soft inquiries on your credit before giving you a
quote
, so you don’t have to worry about them affecting your score.If you’re looking for guidance as you look for a new home insurance policy,
Jerry
can help you find and compare quotes from top insurance companies to find the coverage you’re looking for at the best price. Jerry’s experienced team of agents is happy to answer any other questions that may come up along the way. It only takes about a minute to get started, and the average Jerry user saves $887 per year.MORE: Does refinancing a car hurt your credit score?
View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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