Is your poor credit rating looming over your every financial decision? You are not alone! In the current financial climate it is becoming increasingly more common for new and existing home owners and renters alike to be turned away by home and contents insurance providers as a result of their poor credit rating. But this isn’t the end of the line for you, there are still options available…
Why has my credit score affected my insurance premium?
Insurance companies follow the same strategy as all other money lenders in that they want to be sure that you can afford the monthly repayments for your insurance premium. Unfortunately your poor credit score doesn’t paint the best picture for your future ability to keep up with regular payments.
What can I do if my insurance is turned down?
It’s never too late to improve your credit score; from jumping on the electoral register to applying for a credit card – there are plenty of things you can do to rebuild your rating. However, your score is not going to go from red to green over night so you are going to need to find some cover in the meantime.
In this instance, the most important thing to look for in a home insurance provider is that your premiums are not heavily biased by your low credit score.
Doing your research into companies that will accept you based on your rating is going to take some time – so we’ve done the leg work for you!
CoverBuilder are a specialist home insurance provider who specialise in protecting individuals who are struggling to get insured due to their individual financial circumstances. In fact, they are able to offer payment options to 95% of cases with poor credit.
Will I have to jump through hoops to find out if they will accept me?
If you have been turned down by a different provider, you might think that a company who is willing to take you onboard based on your history will expect a lot from you and will leave you lingering while they calculate the risks.
We’ve found that CoverBuilder only require the basics to be able to offer you a quote, so once you’ve completed your online application form they are able to provide you with an instant decision. They also provide a friendly online instant chat service for support, so you don’t need to worry about discussing your financial woes over the phone with an unsympathetic call centre robot.
Don’t forget, it’s really important that you’re upfront and honest with your insurance provider and declare any previous financial difficulties with them. If you later need to claim and they find you’ve been dishonest you’ll be at risk of not being eligible for a payout when you might need it the most.
