How to Cut Your Homeowner’s Insurance in Half
That lousy credit score is costing you more than a good rate on a loan.
Insurance premiums for homeowners with excellent credit are half the price of premiums for homeowners with poor credit, according to a new report by insuranceQuotes.com. Homeowners with median credit pay about a third more than those with excellent credit.
The difference in premiums varies by state, with homeowners with poor credit in 38 states paying at least twice as much those with excellent credit. Homeowners in West Virginia have the biggest premium gap, with those with poor credit paying more than three times what homeowners with excellent credit pay.
Homeowners in Washington, D.C., and Ohio had the next highest gap in premiums (185 percent), followed by Montana (179 percent).
Related; The Easiest Way to Cut Your Home Insurance Premiums
In general, insurers are putting a higher emphasis on credit scores than they did last year, with scores having a bigger impact this year than last in 29 states. “It’s more important than ever to maintain a solid credit rating by paying their bills on time, keeping their balances low, and correcting errors on their credit reports,” Laura Adams, insurangeQuotes.com senior analyst said in a statement.
California, Massachusetts and Maryland do not allow insurers to consider credit in setting prices, and insurers in Florida don’t use it.
The average U.S. homeowner’s insurance premium is around $950. In addition to making an effort to boost their credit, homeowners should shop around every few years to see if they can find a better rate.
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The US Economy Hits a Sweet Spot
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The New York Times Drums Up Opposition to the Tax Bill
The New York Times editorial board took to Twitter Wednesday “to urge the Senate to reject a tax bill that hurts the middle class & the nation's fiscal health.”
Using the hashtag #thetaxbillshurts, the NYT Opinion account posted phone numbers for Sens. Susan Collins, Bob Corker, Jeff Flake, James Lankford, John McCain, Lisa Murkowski and Jerry Moran. It urged readers to call the senators and encourage them to oppose the bill.
In an editorial published Tuesday night, the Times wrote that “Republican senators have a choice. They can follow the will of their donors and vote to take money from the middle class and give it to the wealthiest people in the world. Or they can vote no, to protect the public and the financial health of the government.”
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Can Trump Succeed Where Mnuchin and Cohn Have Flopped?
President Trump met with members of the Senate Finance Committee Monday and is scheduled to attend Senate Republicans’ weekly policy lunch and make a personal push for the tax plan on Tuesday. Will he be a more effective salesman than surrogates in his administration?
Politico’s Annie Karni and Eliana Johnson report that both Democrats and Republicans say Mnuchin and chief economic adviser Gary Cohn have repeatedly botched their tax pitches, “in part due to their own backgrounds” as wealthy Goldman Sachs alums. “House Speaker Paul Ryan earlier this month asked the White House not to send Mnuchin to the Hill to talk with Republican lawmakers about the bill, according to two people familiar with the discussions — though Ryan has praised the Treasury secretary’s ability to improve the legislation itself,” Karni and Johnson write.