5 factors that affect home insurance rates

Shop around to see if your home insurance rate can be cheaper. (iStock)

Several factors can increase your home insurance costs, but consumers can shop around and bundle their rates to slash them.

Comparing multiple insurance quotes can potentially save you hundreds of dollars per year. And, ​it’s so easy to get a free quote in minutes​ through Credible’s partners here.

What causes insurance rates to go up?

The environment in your neighborhood can change over time, increasing your risk of flooding and being impacted by wildfires and earthquakes. If you live in a rural area, the closure

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Rates on personal loans climb slightly

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders, all opinions are our own.

The latest trends in interest rates for personal loans from the Credible marketplace, updated weekly. (iStock)

Well-qualified borrowers seeking personal loans during the week of Feb. 15, 2021 prequalified at rates that were slightly higher than a week ago, on average.

For borrowers with credit scores of 720 or higher who used the Credible marketplace

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Climate change is increasing flood risk around the country. Insurance rates are not keeping pace, report finds

Currently, there are nearly 4.3 million residential properties around the country with a substantial risk of financial loss due to flooding. The report defines “substantial risk” as carrying a 1% chance of flooding in any year.

Some, but not all, of those homeowners have insurance through the federal government’s National Flood Insurance Program (NFIP), which provides more than 90% of the flood insurance policies in the US.
But the report finds that those homes face losses each year which dwarf the costs of their NFIP premiums. The average NFIP premium cost today for those properties is around $981,
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FEMA flood insurance rates could spike for some, new study shows

With a major overhaul of the nation’s flood insurance program just months away, new data released Monday by the First Street Foundation suggests hundreds of thousands of homeowners in the riskiest locations across America could face massive rate hikes starting in October.

The Brooklyn, New York-based research group estimates the average rate needs to more than quadruple on the nation’s most flood-prone homes under the ongoing effort to make the federal flood insurance program solvent and ensure homeowners most at risk are paying their fair share.

First Street data projects that the majority of homeowners won’t see big rate changes,

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Auto insurance rates can increase if scores are low

Pedro Montenegro was puzzled by the car insurance quote he received when he moved to Washington, D.C., from California.

The only ticket he ever got was for a broken taillight that he later fixed. But despite a near spotless driving record, Montenegro was facing a $300 monthly premium, much more than some of his friends who he believed drove more recklessly.

He eventually realized the high quote was likely due to his low credit score.  

“It’s both silly and unfair,” says Montenegro, 29, whose credit score hovered in the low 500’s because of student loans and irresponsible spending when he

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Utahns drove much less during 2020 because of the pandemic and its stay-at-home orders. But a new study says their auto insurance rates rose anyway.

An increase in claims could be the driver.

(Rick Egan | Tribune file photo) Traffic on 400 South in Salt Lake City on Tuesday, Jan. 5, 2021.

Utahns drove much less during 2020 because of the pandemic and its stay-at-home orders. But a new study says their auto insurance rates rose anyway.

That comes as premiums nationally had dropped an average of 4% during the pandemic, according to The Zebra’s fifth annual State of Auto Insurance Report looks at premiums across all 34,500 zip codes in the nation. The Zebra
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