NOVA Homes Blog: How Credit Can Raise Your Northern Virginia Homeowners Insurance

Tuesday, August 19, 2014

How Credit Can Raise Your Northern Virginia Homeowners Insurance

Your credit score will get a lot of use when you decide to purchase a home— your lender will take a look and ultimately decide whether or not you qualify for a loan. If your credit is in good standing, so are you as a Northern Virginia homebuyer. If your credit is poor, not only could you not qualify for a mortgage, but if you do, your homeowners insurance could spike.

In fact a new report from Bankrate.com says homeowners with bad credit pay 91 percent more for homeowners insurance than those who have great credit.

The Bankrate.com report also found, among others, two important states that showed the greatest average premium increase for homeowners insurance when a credit score decreased from excellent to fair:

Washington, D.C.: 60%
Virginia: 52%

If you're planning to buy a home in Northern Virginia this year, don't take any chances! Start improving your credit now and you can reduce your risk of paying higher insurance rates:

Pay down your balances
One of the quickest ways to improve your credit score is to start paying down your balances on your credit cards. The smaller the percentage of credit you're using, the better for your score.

Look for mistakes
It's true, mistakes happen even on credit reports. Research your score and if you notice any errors, correct them! These take time so plan accordingly if you're prepping to buy a home in Northern Virginia.

Pay on time, in full
Like I said earlier, it's important to pay down your balances. It's also crucial to pay on time and in full. When you keep your balances low and on a consistent payment schedule, your score will improve.

As your real estate expert in Fairfax County, Arlington County and Alexandria City, I'm here to answer any questions you might have about buying or selling homes in the area or how you can better prepare to do so. Contact me today!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore

Long & Foster Real Estate, Inc.
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Northern Virginia is a thriving area consisting of several communities that thrive with historical and cultural richness as well as physical beauty.
With all that the Northern Virginia area offers, there’s never a shortage of things to do, natural beauty and great schools. From the ocean to the mountains to the nation’s capital, this is a part of the country that has it all!
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