My neighbor and myself use the same insurance company for our house insurance. Her agent is here in Thornhill and mine is in the Ottawa area where we moved from many years ago.
Her insurance renewed in December and they went to a broker because the rates went up quite a bit. They found a better deal through a local Thornhill broker and mentioned it to me.
Our insurance renews in April and last year my husband had asked me to check rates because the house insurance seemed a bit higher than the previous years. We ran out of time and did not look elsewhere but I called our agent to ask about our rates.
The rates have gone up because of our credit score! We pay our bills and have good credit. We have a mortgage which we have never missed a payment on and we have never had a claim. How can our credit score be used to almost double our rates?
I believe my credit score would be good and I havent made any claims with them.
Still, I believe all the traditional factors are enough and the fact I dont make claims should be the ultimate test. I feel they are going too far with this new rating system.
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