that an actuary could show statistically that homeowners with lower credit ratings are more likely to exploit their insurance carrier through extraneous claims than those with better credit. Not that any particular individual is or is not. For insurance companies is strictly a game of statistics and if the odds of one group having more risk(potential cost) than another are higher they charge them more.
Perhaps they're doing it in US also...don't know.
Insurance: Consumer advocate sounds alarm over increasing rates for province's homeowners
He said much of the upward movement on home insurance has to do with the use of credit scoring by some insurers who use credit history as a means of evaluating the risk of existing and potential customers.
Although the New Brunswick government has introduced legislation that would ban the use of credit scores in all insurance underwriting, the legislation has not yet passed and there is pressure for it to be reconsidered.
Godin said his office has heard from many people who have seen increases of as much as 100 per cent in their home insurance premiums or who have simply been dropped by their insurers because of poor credit ratings.
Where you live, distance from a firehall, age of the house, I can see all these affecting the cost of home insurance.
But your credit rating?
When I receive my statement for insurance cost, they don't send the policy UNTIL I pay. My credit rating is good as far as I know
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