Can’t get insured due to bad credit? This may help.
Posted by: info | March 28, 2007
Many Americans get turned down for auto or homeowners insurance each day. Most of them have either bad credit, filed for bankruptcy. While these consumers are under protection of chapter 13, homeowners insurance can be cancelled based on your credit score alone.
Since insurance companies link credit scores with claims. The worst your credit the more likely to be denied or pay a lot more just for coverage. Insurance companies have statistics that show the lower a consumer’s credit score, the more likely they are to file a cliam.
How can you get help? Some states have a fair plan act. These plans are designed to provide insurance to those who qualify and are having trouble getting covered from licensed companies. They don’t guarantee coverage and can deny you in some cases.
So if you have been turned down by more than two companies for coverage, contact your local government offices to see if they offer a fair plan act or something similar.
Tags: bad credit insurance, denied coverage, fai plan, cancelled homeowners insurance.
Posted in: Insurance, General |
One Response to “Can’t get insured due to bad credit? This may help.”
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March 29th, 2007 at
This is great information for those that have bad credit. Many are looking to get into a home mortgage but lenders and getting quite stiff.
Jord _ UK Home Mortgages