Personal Lines Insights | May 2023
Life
Managing Your Credit Score
Your credit score can play a significant role in your financial well-being. Many financial institutions will look at your credit score when you apply for a loan, a mortgage or a credit card.
A low credit score could make it more difficult for you to borrow money or open a credit card account. It could also contribute to higher interest rates and higher insurance premiums. Read on to learn more about what a credit score is and how to keep an eye on it.
What Is a Credit Score?
A credit score is a number used to predict your credit behavior. For example, how likely you are to repay a loan on time. Credit scores are calculated from the content of your credit reports, but certain providers may use different methods and information in their calculations. For this reason, you may have multiple credit scores.
How to Check Your Credit Score
Regularly checking your credit score can help you understand your credit position. It can also show you what potential lenders will see when you apply for a loan or credit card.
There are multiple ways you can check your credit score, including the following:
Check your financial institution, loan or credit card statement. Many banks, credit card companies and loan companies will provide credit scores to their customers. You may be able to find your credit score on your statement or by accessing your online account.
Buy your credit scores directly. You can pay to have your credit scores calculated by three major credit bureaus—Experian, Equifax and TransUnion—or from another provider, such as FICO.
Use a credit score service. Some sites provide free credit scores to users. Other sites may offer credit monitoring services for a monthly fee.
For further guidance, contact us today.
Home
Protect Your Home From Wildfires
In many parts of the United States, wildfire risk begins early spring and continues into the fall. If you live in a wildfire-prone area, it’s crucial to be prepared for fire activity. Every year, wildfires destroy thousands of homes; however, there are steps you can take to help slow or interrupt the path of fire near your property.
Consider the following guidelines for improving wildfire safety at your house:
Build smart. Choose fire-resistant roofing materials (e.g., slate, metal or clay) and safe materials for your house siding, like ciber cement. Repair or replace these materials when necessary.
Remove clutter. Regularly clear your roof, gutters and surrounding property of anything that could fuel a wildfire (e.g., leaves, dead vegetation or fallen branches).
Store safely. Keep fuel sources and firewood stored at least 50 feet from your house.
Have an emergency water supply. Clearly label emergency water supply sources on your property to help first responders locate them if there’s a fire. Acceptable sources may include; pools, ponds, storage tanks and fire hydrants.
Landscape carefully. Plant drought- and wind-resistant vegetation native to the area and slow-growing. Keep plants safely spaced away from your home and away from other plants to stop flames from spreading quickly.
Secure adequate insurance. Take inventory of your personal belongings and their value. Review your homeowners insurance policy with your insurance agent to ensure you’ll be adequately compensated if a wildfire damages your home or possessions. Adjust your coverage accordingly.
For more home maintenance and safety information, contact us today.
Auto
Tips for Auto Insurance Buyers in 2023
2023 may bring auto insurance premium increases and challenging renewal processes that make finding affordable coverage difficult.
Here are six tips to help you offset auto rate increases in 2023:
Consider buying a low MSRP vehicle.
Bundle your home and auto insurance.
Increase your deductible to lower your premium payments.
Ask your insurance agent if you qualify for a low-mileage plan.
Shop around for better rates from different insurers.
Rely on your insurance agent to help you determine if your coverage is in alignment with your current needs.
For more auto guidance, contact us today.
This newsletter is intended for informational use only and should not be construed as legal, financial or medical advice. © 2023 Zywave, Inc. All rights reserved.