What's Your Insurance Score?
Like a credit score used by banks, insurance scores rate your risk (how financially stable you are). Research has shown that people who are in better shape credit-wise tend to file less insurance claims.
What It's Based On
- Your credit history
- Number of claims you've filed in the past
- Where you live and drive
- What kind of house or car you own
- Other factors
WHN Tip: A better risk (based on your insurance score) plus a good driving record may result in a lower premium.
Who Uses It and When
- Some (not all) insurance companies
- Sometimes only at time of application or reapplied after a number of years
WHN Tip: You have a right to know when and how it is used.
How To Improve It
- Pay bills on time (loans and credit cards)
- Review your credit report annually and correct any errors
- Watch your debt ratio (the percentage of your income you use to pay your debts.)
WHN Tip: Reduce the risk of filing insurance claims by driving safely and taking any necessary precautions at your home to eliminate or decrease the odds of adverse events.
How To Find It
Check out these sources for more about insurance scores and to review your consumer files.
Credit History Reports
According to the Fair Credit Reporting Act (FCRA), you are entitled one free copy of your consumer file from certain consumer reporting agencies during each 12-month period.
LexisNexis Personal Reports
(FACT Act Disclosure Reports — LexisNexis Risk Solutions, in compliance with the FACT Act, provides you with one FREE report during each 12 month period.)
|InsuranceAfter an Accident Insurance ClaimsMake the insurance claims process easier by following these steps.Am I Covered? Car Insurance QuestionsAsk your insurance agent these questions. It helps to understand the types and extent of coverage you have. There are a lot, but you're paying a lot.Appealing an Insurance SettlementIf you have a difference of opinion on your insurance settlement, you can begin an appeal process, starting with your agent, moving to the claims adjuster at your insurance company, or your state's watchdog agency for insurance consumers. What's Your Insurance Score?Like a credit score used by banks, insurance scores rate your risk (how financially stable you are). Research has shown that people who are in better shape credit-wise tend to file less insurance claims. Working With a Claims AdjusterOnce you have notified your insurance company of your loss, you will meet with a claims or field adjuster employed by the company. If You Have No InsuranceIf you have no insurance (or less insurance coverage than you thought), your recovery will be based on your own resources and help from friends, relatives and your community. Estimating Your Home's ValueDo you have enough insurance on your home to rebuild it if it is destroyed? Do you even know how to calculate the amount of insurance you need? Key Insurance Terms Determining ValueKnowing these terms helps to understand the process insurance agencies and relief organizations use to determine the value of your loss. Your tax accountant can also help you when claiming your losses. Top Homeowners Insurance MythsHomeowner's insurance can be a bit complicated. William S. Coffman, Jr., WHN's Guest Columnist, provides some common myths about insurance and insights into the realities of insurance and the claims process.Property Damage Questions for Your AgentThese are some questions to ask your insurance agent. These may confirm what you already know or may help you understand the extent and specifics of your coverage.Insurance Riders Do I Need One?You pay your homeowners premiums on time and feel reasonably comfortable that you are well covered should disaster ever strike, right? Wrong. Even if you think you have adequate coverage, you could be drastically underinsured.Life Insurance and Healthcare CostsIf you or someone you care about has been diagnosed with a serious illness, you may have already discovered that dealing with actual health issues is just part of the individual puzzle you must reassess and reassemble. Am I Covered? Home Insurance QuestionsThe more you know and understand about home insurance, the better you can insure yourself and your family in case of loss. Am I Covered? Life Insurance QuestionsHere is a 'starter' list of things to consider and questions to ask your agent. You'll probably come up with questions or ideas that best fit your needs. Choosing a Life Insurance BeneficiaryIf you own assets, from bank accounts to life insurance, it's important that you choose a beneficiary. Filing an Insurance ClaimA few tips on how to file a claim after a natural disaster, fire or theft. Motorcycle InsuranceThe more you know and understand about motorcycle insurance, accident coverage, and your own policy, the better off you are. Pet InsurancePet insurance is similar to health insurance: you may be reimbursed if the unexpected occurs. Property Damage What to Expect from Your AgentHere is a list of actions an insurance agent may follow after a claim. If you receive money from your agent or arrangements are being made for you, be sure to ask your agent what is covered under your policy and how much you are covered for. Reviewing and Updating Your Homeowner's InsuranceWhen was the last time you reviewed your home insurance policy? According to Loretta Worters, vice president of the Insurance Information Institute, there are six events that should trigger a review.Flood InsuranceOne of the most important things that you can do to protect your home and family before a flood is to purchase a flood insurance policy - even if you don't live in a flood-prone area. Earthquake Insurance ResourcesUseful links to information about disaster-related insurance resources.|