Back in January 2007, I wrote about a letter than I got from our home owner’s insurance company telling us that we weren’t getting their best rate because of our credit scores. Last week, our insurance agent did an annual review with us, and I guess that our scores have gone up, because now we’re getting their “credit based insurance discount.” We haven’t seen our credit scores since we were applying for a mortgage six years ago, but I’m guessing they took a bit of a beating during our broke years. We never paid anything late, and we never went over a limit or missed a payment, but we did have a lot of debt for a while. We paid off the last of it in August 2007. So I’m guessing that our credit scores must have improved since the beginning of 2007 when we found out that credit scores are incorporated into home owner’s insurance rates. That feels good. Our policy is costing us $546/year now, which is $8 less than last year, and we have more coverage now, since they increase the limits every year to keep up with inflation.
Yet another benefit to paying off debt and improving your credit scores: lower home owner’s insurance premiums.
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