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Home Owners Insurance and credit scores

Moderator Emeritus

Re: Home Owners Insurance and credit scores

Understand about cleaning reports but if the OP rate shops and improves his cost ratios right now would he not be better off than he was. While at the same time he could work on the repairs you suggested. It costs nothing to rate shop and you can change companies later on and again rate shop. All I had to do for rate shopping was to have my declaration sheets so the coverages were set forth and the insurance agents could then use their systems (they do all the work) to compare and give you the results. SImple and essentially painless. In fact I used to do it once every few years ... now I do it every one to two years and it is amazing how insurance companies adjust rates (example they got hit hard with home owners losses from hurricanes and they jack their rates to recoup some of the loss).

Message 11 of 12
Super Contributor

Re: Home Owners Insurance and credit scores

My thinking was that the derog is being removed as we speak, or in the next week or two.  So I am not suggesting delaying for months, just another two weeks (or thereabouts).


One reason to delay is that it's not clear to me how the following scenario plays out:


*  The OP rate shops tomorrow.  Insurance companies A, B, C, D, E, F, and G pull his reports, see the dirty profile, and give him a rate that is partly colored by that dirty profile.


*  Fifteen days from now the derog is moved.


* The following day he rate shops again.


Will companies A, B, C, D, E, F, and G pay for a new credit pull on him?  Or will they instead go with the report they just ran on him 16 days before?


It's not clear to me that they will pay for a new pull.  If so, that argues for taking a couple weeks to get his reports as clean as possible and then rate shopping.


All that said, rate shopping with insurance companies is not something I know much about, so our OP should use his own judgment and the advice of others more heavily then what I might say about it.

Message 12 of 12
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