Credit score where permitted by provincial regulations, is a rating factor to decide the home insurance premiums. Credit score shows a client’s degree of responsibility and behavior in management of their financial matters. Analysis manifests a link between an individual’s credit score and the regularity and magnitude of claims. By using this factor, we are equipped to accurately rate different customers by personalizing premiums and billing a proportionate premium for the risk involved. Customers with higher credit scores benefit by getting the most competitive premiums offered to them.


How does credit score impact my premium?

The premium charged is directly in relations with the following rating factors:

House characteristics, age, dimensions etc.

Building materials used

Cost of construction of house (estimated)

Home location

Property claims history

Locality sewer backup

Locality crime rates

Value of personal holdings

Proximity to fire stations

Home heating

Credit scores

Nature of coverage and deductible chosen

Applicable discounts


Will a credit inquiry affect my credit score?

No, not at all. The Credit inquiry will have no impact on your credit score. A common myth is that each inquiry reduces your credit score by certain points. This is false. While all inquiries are reflected in your personal credit report, an inquiry for credit score does not alter your credit score.


Does the use of a credit score constitute a discriminatory practice?

No. Honesty, accountability and transparency are given due value. We have run our own analyses and found that there are no biased links. Credit score is merely a depiction of an individual’s sense of responsibility to fulfill their financial commitments. We are sure that employing credit score is technically wise and is never intended to be an unethical practice.

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