Lower credit score could double the price of homeowners insurance

PHOENIX (AZFamily) — A lower credit score could double the price you pay for homeowners’ insurance, according to a new analysis by the Consumer Federation of America.

The study compared hypothetical policies of the same homes in zip codes across the country with the same homeowner profile. The only difference was the hypothetical policy holder’s credit score in the test quotes.

“Across the country, you’ll be charged almost twice as much for homeowners’ insurance, just for having a lower credit score,” said Sharon Cornelissen, the director of housing at CFA. “We’re talking about the difference of 630 [FICO score] and 820 between low and high, so a 200 point difference, basically, can mean a $2,000 bill.”

In Arizona, the difference is greater. Homeowners with lower credit scores pay 168