Updated almost 5 years ago on . Most recent reply
What goes into an insurance score?
I wanted to post today about something many people don't know about when it comes to insurance. One of the biggest factors on insurance premiums is something called an insurance score. Think of this as a credit score. There are many factors that enter into the equation, and some don't always make sense.
The first and biggest part of the score is credit, of course. Better the credit, the more it helps your score. The next item is lapses in insurance that is owned. If you own the property and don't insure it, or let it lapse, it will decrease your score. The next aspect is claims. The more claims you file the more it impacts your score. Lastly, they factor in how often you SWITCH carriers. I have always hated this one as it dings you for changing companies. Companies don't really have any loyalty to any insured, so why do insureds have to have loyalty to the carrier? However; this is an aspect and something to think about when switching if the price change is minimal. Would love to answer any follow up questions to this! Have a great weekend everyone.