Insurance going up!

[schel]

We got a notice from our insurance that they pulled our credit report and our insurance is going up. How can they do that? We pay our premiums on time and have our homeowners set up on Escrow.
This really pi**es me off!
We have American Family. Which if we can find a insurance that does not check this we will be changing.
Anyone else have this?
Schel

[SinkingFast]

Others have reported the same thing happening to them.

Filing BK is kind of a "morals" issue with insurance companies. Their line of reasoning is,......... If you file BK, you're probably more likely to file a claim against them. Possibly even file frivolous claims. Like your car gets dinged in a parking lot and you want it fixed type of thing.

Shop around and see if you can do better for premiums is about all you can do for now.

Remember,.......... Time heals your Credit. The more time you get from Filing and Discharge, the less and less it will hurt when your Reports are pulled and reviewed.

[Lindsay]

I'm worried about our rates going up too. How much did they say they'll raise your premiums? I don't think its fair, especially if you haven't filed frivolous claims in the past. We've had the same homeowners insurance for 9 years and have never filed a claim. I look upon homeowners insurance as a catastrophe insurance only, we'll only file if the roof falls in or the house burns down. We've had lots of things over the years happen that we could have filed claims for, but we didn't.

[ssdsco]

If you search on "insurance" I think you'll find that some have mentioned companies that don't do credit checks.

[chpxiii]

Filing BK is kind of a "morals" issue with insurance companies. Their line of reasoning is,......... If you file BK, you're probably more likely to file a claim against them. Possibly even file frivolous claims. Like your car gets dinged in a parking lot and you want it fixed type of thing.

Yep. That's the point of view from the insurance companies. EVEN THOUGH there is absolutely NO STUDY PROVING this idea, insurance companies still raise rates based on this idea of theirs. IMO, it's just a way to make more money.

Check out Geico. I dumped Farmer's insurance and my POS agent after NINE YEARS because they couldn't find a way to lower my rate. Called up Geico, and I am, literally, saving hundreds in car insurance a year. Insurance premium was cut in HALF.

Just because I've been in bankruptcy doesn't mean I'm going to let companies f* me over.

[magyar123]

This BS profiling method is NOT allowed here in California. Our Governor, Arnold The Terminator Schwarzenegger, read the insurance industry the riot act on this profiling. AS a matter of fact he recently warned the insurance industry not to act like they did after Katrina, following the massive wildfires in southern California a few weeks ago.
Depends on each state if insurers can use credit ratings in figuring premiums.

[Minnymouth]

Had been with State Farm for 35 years...... they never raised my rates when I filed............

Good thing - would have made me mad too..........

[treehugger1]

Oregon allows a credit pull on an initial application for insurance, but this cannot be attempted again by the same company. Not all companies will pull your credit file. Many times, proof of past insurance is enough to get you in the door.

[emoney]

This question has come up in Texas and the State Insurance Board asked University of Texas and Texas A&M to study the question does poor credit mean the filing of more claims.
The result of their study confirmed that there is a relation between credit ratings and the number of claims filed.
We may not like the answer but the university study did prove the point.
regards,
emoney

[CindyLou]

As far as I know State Farm does not pull credit in any state. Check with them and see.