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Most people know they have credit scores that help determine whether they get a loan and what their interest rate will be. They probably don’t know that if they live in the west they have a wildfires risk score that could influence whether they get homeowners or renters insurance and how much they will pay.
Many insurance companies use these property-specific scores, alone or with other factors when deciding whether to issue or renew a policy. To use them in pricing, state-licensed companies must include them in the voluminous rate plans that must be approved by the California Insurance Department. “Their use in underwriting and pricing has grown significantly over the past five to seven years in California” said Tony Cignarale, a deputy commissioner with the agency.
Many insurance companies use these property-specific scores, alone or with other factors when deciding whether to issue or renew a policy. To use them in pricing, state-licensed companies must include them in the voluminous rate plans that must be approved by the California Insurance Department. “Their use in underwriting and pricing has grown significantly over the past five to seven years in California” said Tony Cigna ale, a deputy commissioner with the agency.
If an insurance company refuses to issue or renew coverage, under state law it must give a reason, but it could be generalized, such as “wildfires risk.” Insurance companies don’t have to disclose a property’s score, but many agents will tell a customer upon request.