Poor credit homeowners insurance

Isn't that strange that you can get a mortgage but not insurance. I find it a little weird that they would do that. Does the mortage company offer (not outrageous) insurance?

Mortgage can be easily acquired because you are showing something as collateral. If you default in the payments, the company will like to do foreclosure on the property. Insurance companies are concerned about the credit first. They will not lend anything easily until you have a good defined credit.

suewhelan89, you need to pay off the accounts reported negatively in your credit file. Check for some incorrect entries also if that is hurting your profile. Credit scores will go up once regular payments are shown towards the creditors. Some helpful tips on improving credit scores are summarized in the page below.

http://www.debtconsolidationcare.com/forums/credit-check.html

You can try a company called Safeco, they are pretty good about working with you, but can't guarantee that. Worth a try, though.

Tiffany

I just bought a house with about the same credit score you had. I have Home Owners with State Farm insurance. I escrowed my insurance so they get the money up front each year.

Thanks everyone...I was able to go through Nationwide to one of their brokers, and I'm doing the same, putting up the money for the year upfront. This is all such a good lesson about credit. Even though I have a good job now and my debt is under control, my past mistakes have really hurt me. Oh well, all I can do is go up from there...!

Sorry - wasn't logged in...that message was me...

This has got to be the biggest scam going! Up until about 10 years ago insurance companies used home claims information, and your driving record as criteria for setting rates. Then all of a sudden "bad credit" meant "high risk" to them. I`ve had my license 26 years with a pristine driving record. I always had the best rates until my credit went down. I was put into sub-standard rate plan, and now pay a 3rd more. I tried getting home owners insurance, but they wanted over $2000 a year! The good credit rate was $500. Although my home is paid for, I risk losing everything if something should happen due to no insurance. If you complain to the insurance companies they will give you some speil about "our investigations show bad credit, high risk, blah, blah, blah". And get this...... I was actually told by an insurance agent people with bad credit are "distracted" worrying about their situation, and are more likely to get into an accident or burn their house down! BULL! If they attempted to charge all Hispanics, or African Americans higher rates due to their race, there would be a lawsuit! Everything is increasingly becoming more dependant on your credit score (ie: utilities, cell phones plans, etc). The reporting agencies are like dictators, if you sneeze they lower your credit score! Credit should always be a part of your life, not ALL of it.

State Farm wouldn't accept me because of my credit either. I had to have it put in my husbands name...Also the reason why it is easy for you to get a home loan so easily is that homes are attached to the ground. They won't lose it if you can't pay for it. Cars on the other hand are mobile. Its harder for them to repo the home.

[LEFT]Homeowners insurance companies estimate your insurance amount on the basis of many issues such as your financial stability. One of the most important factors that have a great impact on your insurance amount is your credit history. homeowners insurer will look into your debt balance to make sure that you don't spend beyond your means. If you pay your bills on time, your credit score will be clean. Therefore you will pay less for your insurance.[/LEFT]

I really cant believe that you could get mortgage and not home insurance, definately do an online comparison to see what options are available, or get hold of a good insurance broker

As per my knowledge your creditscore is enough to get FHA Loan.
I just want to know about location so that anyone can help you in getting the insurance part.

But as per my knowledge the local lenders can help you in this regards.
So suggest you to please contact local lenders.

Thanks.

I have been with State Farm for 10 years in Aug. They will not renew me because I had 2 wind/hail claims and 1 water claim in the last 3 years. Now I can't find homeowners insurance under $2000 a year. Please, can anyone help! What is the purpose of having insurance if when you use it you lose the insurance.

Nationwide insurance....the rates are double what a great credit score gets but they will generally write you. As far as the person not understanding why sf would cancel you after a bunch of claims, they are in the business to make money...not pay it out. Nothing more to it.