Last week, numerous web sites carried the news story, wrote blog posts, and print articles on the Urban Institute’s study that 35% of all Americans are delinquent on their debt and getting to know their debt collectors on a first name basis. If you live in the Dallas metropolitan area, the news is even worse.
I met with a client earlier this week for coffee at a Starbucks in Frisco. One of the topics she wanted to discuss was her and her husband’s umbrella insurance policy. Her two questions were did they have enough coverage and what factors influenced the policy’s rate. I thought they were excellent questions and should be addressed as separate posts in our blog.
Hopefully after last week’s blog you went online and ordered your credit report through www.annualcreditreport.com. Did you also go to www.myfico.com and order your credit score based on the FICO model? If you’re FICO score is below 650, you’re paying more for personal insurance than someone who with a higher score. How much more? According to an article in the Dallas Morning News on April 1, people with low credit scores are paying as much as 42% more for their home insurance and 15% to 46% more for their car insurance.
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