South Huntsville Neighbors, June 2024

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AT HOME© Best Version MediaHow Credit Scores Affect Your Insurance RatesBy C. Knighten, Founder Sozo Digital Media, LLCHave you ever wondered ‘why’ your neighbortwo doors down is paying less for their homeowners’insurance when your homes have similarsquare footage and features? It has a greatdeal to do with your FICO Score.Yes, we know - you never imagined that your bankruptcy from 5years ago could still be haunting you. Sadly, collections can stay onyour credit for up to 7 years or whenever the statute of limitationsruns out. As for a bankruptcy, it can hang over your head for a totalof 10 years. No matter the circumstances that created these issuesyour credit and especially bad credit can cost you a bundle duringyour lifetime!What do companies look at when reviewing yourCredit Score:• Your payment history in 昀氀 uences 35% of your score.• Another 30% is affected by the amount you owe.• Time span of your oldest account.• Your Credit Mix, auto loan, mortgage and credit cards.• Frequency and number of hard credit inquiries and new accountsopened.How to Boost your Credit Score:• Consistent, on-time payments.• Keep your CUR (Credit Utilization Rate) below 30%.• Having a long credit history shares your spending behavior.• Review your credit report on Equifax, Transunion and Experian.• Pay down high balances on your cards.Overall, while your credit score is a key factor that insurance companiesconsider, they also focus on their own version, known as thecredit-based insurance score!This exists to help them determine how likely you are to 昀椀 le a claim.If you have a higher "insurance score", then insures view you as a“low risk’ which can lead to lower premiums. However, if they seea "low insurance score", then you are more likely to 昀椀 le a claim andthus, will have higher premiums for comparable insurance coverage.Additionally, age and gender also have their own effect on your insurancerates. Teenagers and younger adults are subject to higherrates which is commensurate with their lack of driving experience.Males under the age of 25 will have even higher rates as they areranked as a "high risk" statistically as they are often involved in caraccidents and considered not as responsible as older males.24 SOUTH HUNTSVILLE NEIGHBORS Submit Content at:
© Best Version MediaOther factors that are involved include your state's regulations andyour rates can also be broken down even further based on the zipcode where you live. High crime areas have a de 昀椀 ned effect on yourhomeowners rate as your home is more likely to be burglarized thanother areas of your city.There are many factors that can cause both, your homeowners andauto insurance rates to be more expensive than the guy next door.If you have questions about your current policies and would like anopportunity to have a professional agent review them, please give usa call at 256-539-5307, or check out our website to learn more aboutus: www.wh-ins.comWe are always happy to help one of our neighbors!APOLLOANIMAL HOSPITAL P.C.Locally Owned, Full ServiceVeterinary HospitalWe Strive To Provide Compassionate,Preventative Care With The BestDiagnostic Tools Available To Us256.881.48627604 Memorial Parkway SW. Huntsville, AL 35802Find Your Home, We'll Take Care Of The RestLoan Of 昀椀 cers In Your NeighborhoodLooking To Re 昀椀 nanceWe Can HelpCURATOR OF CUSTOM TRAVEL"What's on YOUR"Bucket List"?PAINRelieving Pain. RestoringFunction. Renewing Hope.All From Your Home.Rated One Of The Top 3 Music Schools In HuntsvilleLet’s get youback to whatyou love!!256-776-7215americanmobilept.comletsgetmoving@americanmobilept.comHUNTSVILLE, MADISON AND SURROUNDING AREAS— MOST INSURANCES ACCEPTED INCLUDING MEDICARE —FREE SAMPLE LESSONPiano | Violin | Guitar | VoicePROGRAMS OFFEREDTheory, Multimedia, Music Production,Songwriting and so much more5045 Memorial Parkway NW, Huntsville 35810 • themaitlandconservatory.orgbestversionmedia.com JUNE 2024 25
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