WASHINGTON — Everything costs more when you have poor credit, but Washington is among the national leaders in one respect.
Homeowner’s insurance costs 185 percent more for people in D.C. with poor credit than for those with excellent credit, a survey by insuranceQuotes.com says. That’s the second-highest difference in the country; the national average is a 100 percent increase.
People with median credit scores also pay the second-highest difference in homeowner’s insurance compared with people who have excellent credit, the survey shows: 61 percent, as opposed to 32 percent nationwide.
Laura Adams, of insuranceQuotes.com, says that the difference grew over the past year in 29 states and D.C., and went down in 17.
“It’s more important than ever for people to maintain a solid credit rating by paying their bills on time, keeping their balances low and correcting errors on their credit reports,” she says in a statement.
The full survey is here.