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The Benefit of Homeownership in Your Car Insurance Home Insurance Texas - I have typically seen homeowners get a better rate on their auto insurance. There are several factors which make this happen, it all comes down to statistics and profitability. Please see below on how homeownership can help you save money, or not. Homeowner Discount: Statistics say home owners tent to be a little more careful when it comes to driving. In part this can attributed to the responsibility of owning a home. Also, statistics show homeowners tend to be parents or heads of household. For the most part, this indicates a person will be more responsible. Multi Policy Discount: Having your home and auto insurance with the same insurance company may get you a discount and save you money. This happens because if you have a claim on your auto insurance, the insurance company is still profitable with the home insurance. Statistics also show people will likely not have a claim on both their home and auto in the same year, allowing for at least a year to make up the losses. Credit: I have seen credit reports, and have noticed ownership of real estate and having a mortgage positively contribute to your credit score. In Texas, your credit score is a large factor in your insurance rating, homeownership positively effects your auto insurance rate. When can owning a home negatively impact my insurance rate? Zip Code: Insurance companies use many factors to determine your auto insurance rate. Based on your zip code, insurance companies can determine: accidents in the area, hazard for natural disasters (hail, hurricane), theft, traffic, number of vehicles in the area. If the zip code where you live or own your home is considered higher risk, you may notice your auto insurance rate will be higher. For the most part, this is not a big issue with our customers, but it could be troublesome if a customer has a large policy (example: 5 cars with 3 teenage drivers) where they are paying high premiums and the zip code is affecting the insurance rate by a few percentage points. For example, a customer is paying $6,000 (you would only pay this much if you had 5 cars and 3 teenagers) per year on insurance and the zip code is causing a 5% increase, that's a $300 per year increase. Negative Activity on Your Credit: Late payments on your mortgage or a foreclosure will negatively affect your credit which in term may result in higher insurance pricing. As an insurance agent, I have seen this scenario a few times. This tough economy is causing a lot of homeowners to letting their homes go. This has a negative impact on their credit score resulting in higher car insurance rates. This is at least the case in the states who are allowed to use credit scores for insurance pricing (for example: Texas). Insurance can be complicated and you can only get the best advice from your agent. Contact your agent for further questions or if you reside in Texas, feel free to call us, Texas Prime Insurance.
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