Reid Burman Lebedeker, Lawyers
A Boutique Civil and Commercial Litigation Law Firm
Call 561-659-7700
Menu / Navigate

Credit score and homeowners insurance in Florida

Many insurance-related things can greatly impact a homeowner’s financial situation. One is how their homeowners insurance provider responds when they submit a claim on their policy. So, improper insurer responses to such claims, such as denying a claim for an invalid reason or without proper justification, can put a homeowner in a very difficult situation. Experienced attorneys can help individuals who have had a homeowners insurance claim denied and who suspect the claim denial was improper with determining whether they would be able to pursue litigation or other legal action in relation to the denial.

Another insurance-related thing that can have big financial impacts on a homeowner is what their premiums are for their homeowners insurance. Many things can influence a homeowner’s rate. One thing that is starting to pop up more and more as a potential influencer on homeowners insurance premium levels here in Florida is credit score.

While Florida law prohibits credit score from being considered when it comes to the setting of hurricane insurance rates, it does permit these scores to be used in the calculations for rates of other types of property insurance.

Despite this, credit score has historically been something not a lot home insurance companies in the state have looked at. It appears though that this may be changing. The number of such companies that do credit checks in relation to insurance applications/renewals has been trending up in Florida in recent times.

A typical practice for companies that do look at and consider credit score when it comes to insurance rates is to offer rate discounts to those with higher credit scores.

Do you think these kinds of practices will continue to grow in use in Florida to the point where they eventually become standard? If considering credit score were to become standard when it comes to homeowners insurance rates in Florida, what impacts do you think it would have on the state’s homeowners? In your opinion, would such a trend be a good or a bad thing, overall, for homeowners?

Source: Sun Sentinel, “More home-insurance companies are looking at your credit,” Ron Hurtibise, July 3, 2016

No Comments

Leave a comment
Comment Information

Contact

Reid Burman Lebedeker
Esperante Building, Suite 1160
222 Lakeview Avenue
West Palm Beach, FL 33401

Toll Free: 800-205-9655
Phone: 561-659-7700
Fax: 561-659-6377
West Palm Beach Law Office Map

Schedule A Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Back to Top