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What’s Causing Insurance Rates to Go Up?

There is no doubt that consumers are paying more for insurance than ever before. There are a variety of different reasons for the increase but most people don’t realize that there are certain factors within their own lives that could be causing the rates to head north. Here are a couple of different examples of items that could affect life, health and even homeowners insurance premiums.

Credit Score

By now, many consumers have started to see changes in their rates based on their credit scores. The better the credit score, the less a person is going to pay for insurance, assuming that all other factors are equal. According to U.S. News and World Report, there is a lot of discussion about whether this is a fair practice. Some insurance agents aren’t convinced that this is the best way to figure out how much a person should pay for the various insurance options available.

Because some companies don’t use credit scores to determine premiums, consumers who shop around can often find a company that offers lower rates. While this is a time consuming endeavor, it can make a real difference when the time comes to pay the monthly or yearly premium.

Owning a Dog

Homeowners that own a dog can expect to pay a little more for their insurance because of the increase in the number of claims involving the furriest members of the family. The specific type of dog usually plays an important role in how much the premium is going up. For example, smaller dogs with less aggressive demeanors are going to have less of an effect on the rates than a larger breed dog with a reputation for attacks and aggressive behavior.

If a dog is involved in repeated incidents, there is no doubt that the cost of insurance is going to go up. While it may be tough to remove the dog from the family, for many, it may be the only way to keep insurance affordable and within their budget. To prevent this kind of thing from happening, it might be a good idea to do some research before bringing home man’s best friend from the pound or the pet shop. For more information about insurance and other financial topics, check out Money Tips.


Most people know that smoking is going to increase a person’s health and life insurance rates. It makes sense. Statistically, there are health concerns that go hand in hand with people who tend to smoke. Even if a person has just picked up the habit, the increase in cost could be the same as someone that has been smoking for years. Despite the increase, there are ways to keep in control of the premiums.

One of the easiest ways to decrease the rates is for consumers to enroll in some type of smoking cessation program. It shows that he or she is attempting to stop smoking or at least decrease the habit. If a person does quit, there is no doubt that next year’s rates will decrease.

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Designed to provide residents of Phoenix

In an ideal world you would never have to face situations such as automobile accidents, house fires, disability, or even accidental death. However, this is far from the perfect world. That is why people are provided with the opportunity to obtain insurance coverage that will help them get through the financial aspects should they encounter these events in their lifetime. For residents of Phoenix, finding a trustworthy insurance agency to provide you with the right protection for your home, life, and automobiles is anything but a simple task. You want to know that the insurance policy you choose will provide the security necessary should you ever encounter some of the most devastating events that life can throw your way.

Professional insurance agencies are designed to provide residents of Phoenix with the insurance protection that will best meet their needs when seeking insurance coverage for their home, life, and automobiles. These companies work diligently to stay up-to-date with all the requirements established within the state of Arizona, allowing their agents to pass along much needed information and suggestions to customers that may otherwise not understand all of the technicalities of insurance coverage needs within their state. Your Phoenix insurance agencies should always work to keep you informed of changes that take place that affect your insurance coverage policies so you can enjoy the comfort of knowing you and your loved ones will be protected should the unexpected occur.

Establishing a trusting relationship with your insurance agent is one of the most important that you will have in the course of your lifetime. This type of relationship allows you to feel comfortable contacting the agencies to ask questions when changes occur in your lifetime as well. From starting a family to purchasing a new home, your insurance agent in Phoenix is an important individual to have in your life. They are able to help ensure that your investments are protected and you are safeguarded from some of the most trying financial situation that people can quickly find themselves in without warning.

Make sure that when you contact an insurance agency in Phoenix for insurance quotes that you are getting all of the discounts available to you. Your agent will help you find ways to save money on all of your insurance premiums when you meet specific criteria. Some examples of insurance premium credits that are available include good student discounts, savings for not having any accidents in a certain amount of time, safety equipment discounts, healthy check-up discounts, and many more. These discounts are readily available; however, you may have to ask before they are sometimes offered.

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Insurance and credit score – How are they related?

If you want to get a good rate on your relevant life insurance, then that would depend upon a number of factors. You will be surprised to know that your credit score is one of them. Many a times you wonder whether your credit score has any significant influence on your rate of premium that you will be getting for your life insurance. The reality is that there is a significant influence and thus you should monitor your debt situation closely as this not only increases your interest rate on new loans but also premium rates on different insurances. In case if you have a low credit score it does not imply that you won’t be able to get a life insurance it means that the premium rates you need to pay are substantially higher than if you had high credit score.

The reason most insurance companies look for your credit score before giving you a premium rate is that they factor the components of your credit score into the cost of your insurance policy. This is because your responsibility and your payment habits can be gauged from your credit score. If you have some unpaid bills or financial obligations that you have missed, then you can expect an increase in the cost of the premiums of your life insurance. This is because missed payments and bad financial records translate into low credit scores which in turn generates a higher premium for you.

It might seem to you that basing the rate of your premium on your credit scores is unfair, however there is a sound logic behind it. The insurers generally consider that if a person is irresponsible when it comes to matters of managing money, then he will be irresponsible in other matters too. Thus

You may think giving higher premium rates on life insurance for a person with a bad credit score is unfair. But using the insurers’ logic, a person who is irresponsible with money management might also be irresponsible in other fields of life, and therefore has a higher insurance risk. Because of this higher risk, people with low scores are more likely to file insurance claims than those with high credit scores. The problem is that with the ongoing financial crisis in the nation, there are a number of people who are facing severe financial downturns. This is making their credit reports have bad records and thus a drop in credit score. The good news is that if you can explain your financial problems with respect to the financial crisis, then you may get a special dispensation which will be formalized by the company.

Since there are different evaluation criteria of credit scores by different insurance companies, some might offer you quite good premium rates per month even with not so stellar credit score. Hence, when searching for a life insurance policy for yourself, don’t get deterred by your bad credit report. Try and repair your credit so that you can get better premium rates.

Insurance and credit score – How are they related?

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Why Would My Business Need Public Liability Insurance?

Public Liability Insurance

It’s a common question for business start-ups and one whose answer can vary depending on what type of business you’re setting up. While not all businesses necessarily require it, for most, Hiscox public liability insurance is an essential cover to have. If you’re going to be working with customers, they will want to have the peace of mind that you have their best interests at heart and public liability insurance is one step closer to affirming that.

What is public liability?

If a customer, or a member of the public, was to injure or hurt themselves, or suffer a loss, because of your business activities, public liability insurance would cover you should they claim for compensation. Legal expenses and any compensation paid out would be covered by the insurance, proving just how valuable it really is for most business types.

In the real world, you can never guarantee perfection. Even with absolute care and attention, accidents happen. This insurance ensures that in the event of an accident, your business will be safe and the customer will be looked after.

Depending on the requirements of your business, you can request a tailor-made policy which will include everything you need it to cover. As a rule, public liability insurance covers the legal aspects of a compensation claim i.e. damages to members of the public for death or injury, damages to property and possessions and legal expenses.

Another point to note is to make sure any businesses you may work with have public liability insurance as well, to cover your back should anything go wrong. Ask to see their insurance documentation before working with them, either on your premises or at a client’s site.

As a fledgling business, you need to make sure you do everything you can to ensure you won’t face any pitfalls. If you are working with customers or the public and you are faced with a compensation claim against you and you don’t have public liability insurance, it could cripple you enough that your business fails. If you cover yourself with the right policies, you can ensure this doesn’t happen and your business can continue to flourish.

Why Would My Business Need Public Liability Insurance?

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