Shopping for Homeowner’s Insurance

Green Escrow Services | American economy

We all know that Homeowner’s insurance is an absolute necessity but did you know that it’s often wise to compare policies and prices? All to often, homebuyers take the advice of the mortgage lender without taking the time to make comparison. Of course, you want to make sure that the insurance is appropriate for the home and its contents.

An annual review is also a good idea, whether it’s health, auto, home or any other insurance that is being carried.

Finally, when there is a major life event or change – such as the birth of a child – this is a good time to compare policies and rates.

The Value of Excellent Credit

Green Escrow | Credit Score

According to a new study, homeowners with poor credit can expect to pay twice as much for homeowner’s insurance as those who have excellent credit while those with average or median credit will pay 32 percent more. This is true in 38 states and Washington D.C. Only three states prohibit insurers from using a homeowner’s credit score from calculating homeowner’s insurance: Maryland, Massachusetts, and CALIFORNIA.

Experts agree that the ramifications of a poor credit score are higher than they’ve ever been. They urge consumes to maintain a solid credit rating by paying bills on time, keeping credit balances low and correcting any errors on their credit reports as soon as possible,