Insurance Scores and How They Impact Your Premiums

Georgia homeowner's insurance estimatesYou probably know that your credit history impacts your Georgia homeowner’s insurance estimates, but why exactly might be a mystery to you. How does personal credit relate to insurance rates?

Credit History Basics: How is My Insurance Score Determined?

Your insurance score is calculated mathematically by external credit bureaus. These agencies use specific information about your credit history and credit management to determine your score. Much like credit scores, we can’t know exactly how scoring agencies reach the number that they give to your insurer. However, there are a few things we know for sure.

While scoring agencies are secretive about their formulas, you should know that your Georgia homeowner’s insurance company does not have access to the specific credit information contained in your credit score, or your personal information. That means they don’t base your rate on your race, religion, gender, or marital status – just your insurance score.

How do Georgia homeowner’s insurance companies use my score?

Research has shown that insurance scores are an incredibly accurate predictor of how likely an individual is to file a claim. This is why nearly all insurers use these scores in combination with other factors when writing policies. Essentially, insurers use your insurance score as a way to anticipate the likelihood of a loss.

Take Control of Your Credit Score to Improve Your Insurance Score

Although we don’t know exactly how scoring agencies calculate your score, we know that many of the same factors that impact your credit score impact your insurance score. You can improve your credit score over time by keeping some good habits, like:

  • paying your bills on time;
  • keeping your credit card and other revolving balances as low as possible;
  • only opening new credit accounts when necessary; and
  • checking your credit report regularly to resolve any issues in a timely manner.

You have the legal right to view your credit report and have the reporting company correct or remove any inaccurate information. You can request a free copy of your credit report from one of the following three agencies:

1. Equifax

1-800-685-1111

2. Experian

1-888-397-3742

3. Trans Union

1-800-888-4213

We typically review policyholder insurance scores on an annual basis. If your score could be better, make some changes to your credit management habits and work on improving it. Over time, you may improve it enough to earn better Georgia homeowner’s insurance estimates.

What Our Clients Have to Say

On behalf of our staff and the children we serve I want to thank you for being there for us over the years and especially last summer. Your team has always provided excellent service and the most competitive pricing but it is your care and concern for our ministry, our staff and the children we serve that provides a great sense of peace for all involved with our ministry. It is team members like you that enable us to celebrate our tenth year as an organization as well as our tenth anniversary with Jackson Insurance. I am glad you are on our team.

Jeff G. Atlanta, GA

"I have been an emergency medicine physician for 25 years, living in the Atlanta suburbs for 6 years now. Needless to say, I have an eye for detail and a HUGE respect for those professionals with similar attributes. On our initial encounter, Nolan impressed me with his professionalism and persistence. Most importantly, however, was his knowledge base and obvious competence. I have dealt with many insurance companies over the years, and equally as many agents. By far, Nolan Jackson truly represents the select few, in my humble opinion, who truly have their clients best interest at the forefront of their business model. I can recommend him without reservation; you will not be disappointed!"

Dr. Mike Canton, GA

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