5 Things That Can Increase Your Insurance Payment

When you want to get a quote for your property, certain factors can impact the rates that you are offered. Even though quote comparison can help you narrow down your options and find a good rate, it is important to ask what can increase my insurance payment so that you can take specific steps to reduce your rates.

Your Credit Rating

It may seem like your credit rating has a limited impact on your life outside of the ability to qualify for a loan, but that is not the case. Your credit score and your credit history play a significant role in your ability to find a great rate on your home or auto insurance.

A low credit rating will have a negative impact on any insurance that you are considering because your insurer may assume that you are less likely to make your payments or you are more likely to pay late.

The Claims History

Making a claim on your previous policy can impact the future rates that you are offered. When you want to know what can increase my insurance payment, the claims history is a key place to consider.

If you have made claims in the past, then take the time to ensure that the information is accurate. You may also want to consider any other individuals who have been on your policy to ensure that their records will not impact your quotes.

Co-Workers

Any time that you have a policy through your employer, your co-workers will impact that rates that you are offered. An employer’s plan is always based on the average of all the workers, so the cost can increase if you would otherwise have a lower rate.

Your Education

Surprisingly, insurers do consider your educational level when they are offering quotes. Since there is a correlation between educational level and the likelihood of an accident or claim, a lower education may impact the rates that you are offered.

Your Location

Location will always play a significant role in the coverage you are offered. Due to differences between state and local laws, certain areas may have a higher rate when compared to other locations.

Recognizing the factors that may increase your insurance rates can make it easier to adjust your habits and actions so that you can lower your rates over time. Contact us to get a quote and find the best insurance plans for your family and goals.

The Difference Between Canceling and Non-renewing Homeowners Insurance

There is a big difference between canceling and non-renewing an insurance policy. The difference is that one could affect your credit rating and your ability to get insurance from another carrier. You need to understand the difference between these two terms and make sure you have continuous coverage on your homeowners insurance.

If you cancel your homeowners insurance because you sold your home or you are no longer living in the residence, you will need to contact the insurance provider in writing. You may even be due a refund if your premium was paid in full and there are several months left on the policy. On the other hand, if the insurance company cancels your policy, it is usually because you have not made your payments or you have had an unusual amount of claims during the policy period. If your coverage was canceled because of nonpayment, this will affect your credit rating. Also, if one company cancels your policy, other companies may not be willing to insure you either.

Non-renewing a homeowners insurance plan is different. This is when either you, or the company, decide to no longer do business together. Many homeowners choose to shop around for better rates on insurance. When you are comparing quotes online, you may find a more affordable payment for the same type of coverage. In this case, you would not renew your policy when it is up. You will probably want to make sure the insurance company doesn’t automatically renew your plan by sending them notice in writing. If the company does not renew your policy, it may be because they are no longer servicing your area or they may not provide that type of insurance any longer. Just make sure you always have continuous homeowners insurance by comparing rates online.